Australians require $130,000 income for average rental

A recent report by the group Everybody's Home reveals that Australians now need an annual income of at least $130,000 to afford average rent for a typical apartment. This marks a significant increase, as earning $100,000 used to be seen as secure. The report highlights a growing rental crisis affecting people across all income levels, not just those with lower salaries. Many people living in cities and regional areas are experiencing rental stress even if they earn six figures. According to the report, the average weekly rent for a unit is $566. It indicates that someone earning $70,000 would spend more than half their income on rent. For those making $40,000, their rent could consume over 70% of their income. The situation is particularly severe in major cities like Sydney and the Gold Coast. In Sydney, someone earning $40,000 would find their rent exceeds their entire income, making it unaffordable. For high earners, even a $100,000 salary often falls short of the 30% threshold considered affordable for housing. Housing advocate Maiy Azize noted that the rental market's conditions are dire, especially for low-income earners facing extreme stress. Areas like the Gold Coast show rents are unsustainable for most income levels. The report points out that regional areas are slightly more affordable but still pose challenges for many. The housing crisis is affecting people's ability to live and work in their communities, which could hinder social stability. Everybody's Home is calling for urgent action, urging the government to treat housing as a priority ahead of upcoming elections. They emphasize the need for more social and affordable housing, with recent investments in this area falling short. The government has committed to building 55,000 new social and affordable homes over the next five years. However, the opposition criticizes this pace and proposes a fund aimed at speeding up home construction. While some changes to rental rights have been made, the report suggests more work is required to ensure consistent protections for renters across Australia. National Shelter has called for stronger regulations and monitoring to help address these urgent housing challenges.