Newcastle and Hunter rental affordability revealed in Compass Housing report
THE Upper Hunter local government area has been deemed the state’s most affordable for renters in a new report comparing incomes and rental rates to measure housing stress.
Compass Housing will today release the Affordable Housing Income Gap Report, which measures how much extra the typical renting household needs to dodge housing stress.
“In many cases the median incomes of renting households are tens of thousands of dollars below what would be necessary to secure even a basic two-bedroom apartment without experiencing housing stress,” the Compass Housing report states. “Even in the regions, where prices are normally cheaper, the comparatively lower incomes mean median income renting households in many areas face significant affordability income gaps.
Tenants in Scone and surrounds pay a median of 20 per cent of their income as rent, beating Queanbeyan’s 24 per cent to be the state’s lowest rate.
Residents in the Upper Hunter would need to make $833 a week to comfortably match the median rent of $250, putting the area’s median household income of $1223 substantially ahead of the prices. The report pegs the gap between incomes and rents as -$390.