Thousands of Australians forced into rental stress: report highlights income disparity
Renters living in the inner-suburbs of Melbourne, Sydney or Brisbane are spending nearly half of their wages on rent – so much that renting is becoming as unaffordable as buying, according to a new report released on Tuesday.
Many other Melburnians, Sydneysiders and Brisbanites are spending over 30 per cent of an average weekly wage on rent, which classifies them as under housing stress.
In Sydney, the news is much worse, with renters on an average wage needing to earn an extra $1503 per week ($78,139 a year) rental in an inner city suburb equating to an annual wage of $172,467 (for a three-bedroom home).
Brisbane renters need to earn an extra $17,299 every year — or a total of $94,987 — to be considered as not suffering housing stress while renting a three-bedroom home in the inner suburbs.