It is all a matter of perspective, really, but housing costs for homeowners have barely changed in the past five years, according to a recent report from the Australian Bureau of Statistics (ABS).
The latest issue of Housing Occupancy and Costs, Australia shows that the average weekly housing costs for households was $265 in 2011-12.
There is, however, considerable variation within the figures, with 38 per cent paying $75 or less per week.
For statistical purposes, ‘housing costs’ consist of payments on rent, rates (general and water) and mortgage.
For homeowners without a mortgage, the average weekly housing costs were $40, or just 3 per cent of average gross weekly income for those households.
Owners with a mortgage paid an average of $432 per week on housing costs, which represented 18 per cent of their average gross weekly income. About 24 per cent of this amount, however, went to repaying the principal outstanding on the loan.
Households renting from private landlords paid an average of $347 per week, representing 20 per cent of their average gross income.
Households renting from state and territory housing authorities paid an average of $136 per week, representing 19 per cent of their average gross income.
Director of the Living Conditions section Emily Cunningham said the report shows that average housing costs for owners with a mortgage have been stable since 2007-08.
"In 2011-12, both owners with a mortgage and private renter households spent the same proportion of their income on housing costs as they did in 1994-95,” she added.
Since 1994-95, the proportion of households owning their home outright dropped from 42 to 31 per cent. Those with a mortgage increased from 30 to 37 per cent and households renting privately have increased from 18 to 25 per cent.
"Average housing costs in capital cities were 44 per cent higher than housing costs outside capital city areas." Ms Cunningham said.
Households in the Northern Territory, Australian Capital Territory, Western Australia and New South Wales reported costs above the national average, while Victoria, South Australia and Tasmania were below the national average. Housing costs in Queensland were similar to the national average of $265 per week.
More details are available in the 2011-12 issue of Housing Occupancy and Costs, Australia (cat. no. 4130.0) available for free download from the ABS website at www.abs.gov.au