September 22nd 2024.
According to a newly released report, Australians with the lowest incomes are finding it increasingly difficult to afford rental properties in every part of the country. The report, titled Everybody's Home Priced Out 2024, reveals that rental prices have skyrocketed by 47 percent, from an average of $372 per week in March 2020 to $547 in September this year in major cities across Australia.
This surge in rental prices has had a significant impact on low income earners, specifically those receiving Centrelink payments or earning the minimum wage. As a result, they are now spending a larger portion of their income on rent, putting them in a state of financial strain. For instance, single households relying on JobSeeker payments are currently spending a staggering 110 percent of their income on rent, while those on age or disability pensions are spending 81 percent.
The report also highlights that the international standard for affordable housing is for households to spend no more than 30 percent of their income on rent. However, the study found that low income earners in every state and territory in Australia are struggling to find affordable rentals, with many facing the risk of becoming homeless or having to live in overcrowded homes.
Maiy Azize, a spokesperson for Everybody's Home, expressed her concern over the situation, stating that those on JobSeeker payments are especially vulnerable to the high rental prices. She added that many of these individuals are already living below the poverty line and cannot afford to spend their entire income on rent, let alone finding additional funds to cover the cost.
The report also sheds light on the growing number of Australians who are now destined to be lifelong renters and are facing the added stress of rent hikes and evictions. This is despite recent government measures, such as increases to Centrelink payments and rent assistance, which have not been enough to alleviate the financial burden on low income earners.
Azize emphasized the need for the government to take immediate action to address the housing affordability crisis. This includes increasing Centrelink payments, protecting renters from unfair rent increases, and providing more social housing. She also called for a review of tax benefits for property investors, which she believes only exacerbates the problem.
In conclusion, the report's findings paint a grim reality for many Australians struggling to make ends meet in an increasingly unaffordable rental market. With the rising cost of living, it is clear that more needs to be done to support those on low incomes and ensure that everyone has access to safe and affordable housing.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
