Housing unaffordability creates pressures on economic and social life of an individual to a community. Periodic housing unaffordability in Queensland resource and regional communities are common over the last two decades. This paper examined the perceived household risks to periodic housing unaffordability in Queensland resource and regional communities through a case study of Rockhampton and Gladstone cities. Two hundred households were surveyed from these two cities and then probability based consensus and agreement method used to identify the level of risks that the community perceived due to housing unaffordability. The study found that economic and social risks and stresses such as extra pressures on household budgets, reduction in disposable income, difficulty with children’s schooling, strain in family relations and poor health were the common perceived risks in these two communities. An appropriate mix of housing development with suitable service options is required to maintain the well-being of various socio-economic groups during the resource boom period.