Families flock to rental market as they're priced out of home ownership

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Families flock to rental market as they're priced out of home ownership | swrighteconomy

Decades of sky-rocketing house prices have driven the highest proportion of Australians into the private rental market since 1960, with up to 7 per cent of poor households paying three-quarters of their income to landlords.

Between the end of World War II and the mid-1980s, the proportion of Australians renting a home fell sharply on the back of a nationwide building boom and strong wages growth for low and middle-income earners. But over the past 30 years, the proportion of people who rent has grown, accelerating over the past two decades in line with soaring house prices.

on a home," the report said. "There has been little growth in supply of social housing over the same period and waiting lists are long."For these reasons, while rates of private renting have risen among households across the income distribution, the strongest growth has been among low-income households, especially those with families."

The commission found a quarter of low-income households spent more than half their income on rent, with 7 per cent spending more than 75 per cent. Almost one in five low-income households were left with less than $250 a week once they paid rent.

 

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