Housing costs skyrocket for mortgagors

by Adam Smith17 Nov 2011

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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