Housing affordability

Domain: 
Sustainable built and natural environments
Sub-Domain: 
Housing
Measure: 
Median price of houses; median price of units/flats/apartments; percentage of survey households privately renting; percentage of survey households publicly renting (e.g. social housing); percentage of survey households who own or are purchasing their house; percentage of households in receipt of rent assistance from Centrelink; percentage of low-income housholds experiencing mortgage stress; percentage of low-income households experiencing rental stress
Rationale: 
1

 “Housing satisfies the essential needs of people for shelter, security and privacy. Shelter is recognised throughout the world as a basic human right. The adequacy or otherwise of housing is an important component of individual wellbeing. Housing also has great significance in the national economy, with its influence on investment levels, interest rates, building activity and employment. Affordability of housing will affect choice of location, access to employment, education, essential services and proximity to social and family networks” (CIV, 2006).

The cost of housing is significant for people on lower incomes. When costs are high, people have less residual income to spend on other essential household items. There is no accepted definition of housing affordability. It is a relative term about the capacity to enter the housing market; that is, cost and availability. The cost of housing relates to the prosperity of the community, the functioning of the economy, location choices relating to employment opportunities, and transportation issue (CIV, 2006) 

Data Source: 
Housing Market Report, Department of Communities, June Quarter 2011; Resilience Profiles Survey 2011
References: 
Community Indicators Victoria (CIV) (2007) Metadata, Retrieved from http://www.communityindicators.net.au/indicator_metadata
Survey Questions: 
15. Is your residence (select one only)Privately rented (e.g. through a real estate agent or directly with home owner); Publicly rented (e.g. social housing);Owned or being purchased by you; Other (please specify)


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