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Our story is the same as most people: We can afford to rent; but we can't afford to buy.
We aren't in danger of being put on the streets, but we are under a different sort of crisis where a combined household income of over $200k is somehow not enough to buy a house these days.
Not that long ago, you could buy a 4-bedroom house for $200k. House prices have gone stupid.
I’m on a similar income and live in the highest cost of living part of the country, so I have to ask, how is it you’re unable to buy?
I bought my house this year and granted it took a while saving up but with our income this high the mortgage barely registers. Early days but we’re on track to pay off the home in under 10 years.
It’s not a housing crisis, it is debt crisis.
The RBA put up interest rates because we had too much personal debt. This did not reduce personal debt, it increased personal debt because people were unable to make the increased repayments.
The increased interest rates also made it difficult on businesses; they have had to cut employees overtime, which has made it more difficult to maintain weekly commitments.
Due to the economic downturn commissions are also down which has made it more difficult to maintain the monthly commitments.
The increased cost of living as a result of Grocery store, Insurance Company and Utility provider price gouging.