Mortgagors have seen their housing costs skyrocket over the past decade, new figures show.
Data released by the ABS indicates that households with a mortgage have seen their housing costs shoot up 42% over the last decade, equating to an extra $120 a week. Mortgagors were found to have higher housing costs than renters, averaging $408 per week versus $305 a week for renters.
Mortgages are also becoming more common. The proportion of households that own their home outright fell over the decade, dropping from 39% to 33%. The proportion of households with mortgages, meanwhile, increased from 32% to 36%.
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