A new report on the costs of families renting on the private housing market has given Geelong an approval certificate – if only.
The report moderates rent stress levels among tenants in three-bedroom houses in the south and west of the city.
For the first time, the report from the social housing provider Compass Housing estimated that weekly income families should earn to rent in an affordable way.
TheAffordable reporting of living incomes data from the ABS and the Ministry of Human Services of Victoria to paint the image of Geelong's private home market.
It turned out that Geelong's tenants were paying just under the threshold of 30 percent of their weekly income to put a roof over their heads.
The report showed that the average weekly income of Geelong tenants gave a $ 93 per week buffer of affordability across all types of property.
But Geelong scored the worst out of Victoria's regional cities, with several suburbs identified as moderately unaffordable.
Moderate levels of housing stress were found for tenants of three-bedroom homes in the southern suburbs of Geelong, including Belmont and Grovedale, the inner area including Geelong West, Herne Hill and Newtown, and in Lara.
The worst was in Newtown, where the report estimated a price gap of $ 157 per week. But a mistake in the findings assumed the same median income of $ 1176 per week for households who rented throughout the city, which gave Corio a very favorable result, estimating that tenants had a $ 276 per week buffer before their rent became too expensive.
According to the 2016 census, average weekly income in Corio was $ 914, which would be $ 14 above the threshold.
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Spassword spokesman Martin Kennedy said a decision was made to use the median income of a family that rents all suburbs because other data for tenants in individual suburbs were not available. Kennedy said that the findings showed that housing stress was not just a problem for low-income households.
"We tend to hear a lot about the plight of prospective buyers from a first home, but we do not hear anything from the living experience of people with an average income renting," he said.
"When purchasing prices are very expensive, the result is people who in previous generations would have held homeowners in the rental market." On the other side of the spectrum, people who had been rented housing for social housing in previous generations cling to the lower few sports of the private rental ladder. & # 39;
According to Kennedy, median rent at national level had risen by 76 percent since 2000, while median incomes had risen by 40 percent.