Home Sweet Home: Optimism for Single Women Amid Housing Crisis
‘Impossibly Unaffordable’ is the headline in the media today.
And every day you read about how housing is unaffordable and the ongoing struggle for first home buyers to crack into the market, whether they be singles, couples or young families.
There’s no denying it. The average price for a home in Australia is worth 16.65 years of an average income. A staggering 23.7 years in Sydney alone.
Given the gender pay gap is currently 22% between male and female incomes, single women face a bigger challenge to purchase a home than single men or couples.
Despite this, in a recent survey, a whopping 90% of respondents felt that single women could still own their own home.
However, the results also showed that people thought it was getting more difficult, with 77% saying it was harder now for single women that it was 10 years ago.
59% of the people who said single women could own their own property were women, showing a strong belief the path to home ownership. Of those who believe that it is harder today for single women than 10 years ago, 65% were women, with men being a little less in tune to the challenges that single women may face.
The average income for a female in Australia is $97,931 per year. On that salary, maximum borrowing is around $536,881 and that’s with no other liabilities. That could get an apartment or unit in the major cities, excluding Sydney, depending on deposit levels. However, it would probably preclude house and land except in regional areas.
There are options that can help boost borrowing power, beyond sharing the mortgage with a partner. Purchasing a house with another family member, such as a sibling, or a friend can help boost borrowing power. Or similarly, obtaining a guarantor, again usually family, who has enough equity in their property can help with the deposit.
If you want to find out how you can get in to your home sweet home, complete our 5 minute form here: https://bit.ly/43VqyrH
Call on: 0418 552 938
Email at: peter.jefferson@mortgagechoice.com.au, or
Book a time to chat: https://bit.ly/43WsXma
If you’re a first home buyer, I’ve also created a useful guide to help you understand other key aspects of buying your first home.