ANALYSIS: Housing is draining the incomes of the poor, while making more and more millionaires
Rising housing costs have dramatically widened the gap between what Australians on high and low incomes can afford. Rising home prices paired with plummeting rates of home-ownership are driving up wealth inequalities.Housing is draining the incomes of the poorThe inflation-adjusted incomes for the lowest fifth of households increased by about 26 per cent between 2003-04 and 2019-20.
While average full-time earnings have doubled over the past half-century, home prices have quadrupled. In other words, a relatively low-risk, low-effort investment provided greater returns than a year of hard work.The growing divide between the housing "haves" and "have nots" is being entrenched as wealth is passed onto the next generation.
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