Research Summary
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Rising rates, falling financial wellbeing: the impact of housing stress on Victorians
Publisher
Housing security
Rental housing
Mortgages
Housing markets
Rental affordability
Interest rates
Cost and standard of living
Housing stress
Resources
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 Rising rates, falling financial wellbeing: the impact of housing stress on Victorians
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687.18 KB |
Description
This report explores the cost of living and financial wellbeing during 2022, with a particular focus on renters and mortgaged homeowners given the rapid rise in interest rates.
Key findings:
- One in seven (15%) mortgaged homeowners reported an increase of more than $700 per month
- Just under half of renters (48%) reported their rent had increased in the 12 months to November 2022, suggesting widespread rent rises to come in 2023
- Half of renters (53%) and two in five (41%) of mortgaged homeowners reported they couldn’t raise more than $2000 at short notice if faced with a large unexpected financial cost.
The findings indicate financial stress is already building – with a cohort of mortgaged homeowners and renters going without delaying meals, medicine and medical care.
Publication Details
Copyright:
Consumer Policy Research Centre 2022
Access Rights Type:
open
Post date:
29 May 2023
