Wide Bay incomes not keeping up with house prices
DO YOU find it hard to keep up with housing costs every week?
You're not alone, as recent data shows the Wide Bay has one of the highest income to house price ratios in the state.
According to the Housing in Queensland: Affordability and Preferences report produced by the Queensland Productivity Commission, the Wide Bay has the third highest ratio in Queensland.
This ratio takes into account household income and dwelling costs, as reported in the 2016 Census.
The Wide Bay sits at a ratio of 6.6, behind the Sunshine Coast at 9.3, the Gold Coast at 7.7, and Brisbane South and Moreton Bay North, both at 6.7.
According to the report, a lot of Queensland does it tough when it comes to housing affordability.
"International studies using 'house price to income' ratios suggest that housing in Queensland is relatively unaffordable," the report says.
"The ratio for the rest of Queensland (outside greater Brisbane) has changed little over the last five years, increasing from 6.6 to 6.7, but is much higher than it was in 2001 (4.1) and exceeds other states' non-capital regions. Sunshine Coast (9.3) with a higher ratio than Sydney (8.4), and Gold Coast (7.7) with a higher ratio than Melbourne (7.1), help to explain this result. Cairns, Toowoomba and Wide Bay also had higher ratios than Brisbane."
While data suggests housing is unaffordable, the Wide Bay maintains one of the highest percentages of home ownership, sitting around 70 per cent, according to the report.