Housing stress and rental stress have been significant issues in Australia for several years. The cost of housing, particularly in major cities like Sydney and Melbourne, has been increasing faster than income growth for many individuals and families. As a result, a considerable percentage of Australians have been facing challenges in meeting their housing expenses.
Rental stress occurs when a household spends more than 30% of its income on rent, and housing stress generally refers to situations where a household is spending a large portion of its income on housing costs, including mortgages, rent, utilities, and related expenses. High levels of housing stress and rental stress can lead to financial hardship, difficulty meeting other essential expenses, and increased vulnerability to potential housing insecurity or homelessness.
Various factors contribute to this issue, including insufficient affordable housing supply, rising property prices, wage stagnation, and demographic changes. Policy decisions and economic conditions can also impact housing affordability and accessibility.
For the most up-to-date information on the current situation regarding housing stress and rental stress in Australia, it's best to refer to recent reports and data from reliable sources such as the Australian Bureau of Statistics, housing advocacy groups, or government agencies.