This is how much you need to earn to buy a house in 2024

The average household income of home buyers has increased to $220,000, a nearly 40 per cent jump from just four years ago.

Almost a third of all home loan applicants now make more than $200,000, at the expense of those less than $150,000, Jarden analysis of Commonwealth Bank data shows.

The average full-time annual income in Australia is $98,098 as of November 2023, based on Australian Bureau of Statistics' weekly earnings figures.

The average buyer in 2019 had a household income of $160,000.

Jarden chief economist Carlos Cacho said the analysis raised troubling questions about who can afford to buy a home in Australia, despite recent price falls.

"What we've seen over the last four years or so is that the share of buyers who make median or below income has decreased from 30 per cent to 18 per cent," he said. "It's really been hollowed out. Part of the increase has been due to income growth being relatively strong but even when you adjust for that the shift is well and truly beyond that."

To know more : https://www.nine.com.au/property/news/this-is-how-much-you-need-to-earn-to-buy-a-house-in-2024/4270fa8f-99e2-427e-b5ca-f2681b881f34

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