Housing affordability linked to personal wellbeing
A new study has found people who spend more than half of their household income on housing costs are significantly less happy than those who pay less than a quarter.
The Australian Unity Wellbeing Index survey found those with housing costs of 25% of household income or less have an average personal wellbeing index (PWI) score of 77.
Those who pay between 50-75% of their household income on housing score just 69.9 on average.
The survey found people without a mortgage have the highest overall levels of wellbeing.
Deakin University senior research fellow Delyse Hutchinson said it is clear that there is a correlation between a lack of housing affordability and wellbeing.
"It might be that housing costs are taking a toll on people’s life satisfaction, or those with lower personal wellbeing might face a greater challenge in their interaction with the tough housing market,” she said.
The full report can be viewed here.