Renters are some of the unhappiest people in Australia, Finder survey claims 1

Renters are some of the unhappiest people in Australia, Finder survey claims

Advertisement

Why tenants are some the least happy people in Australia – despite rents becoming more affordable in major cities

  • Huge finder.com.au survey showed gulfs between renters and homeowners
  • While mortgage stress gets a lot of attention, renters are often under more stress
  • Renters are more unhappy, have less savings and feel less secure in their jobs


Advertisement

Renters are some of the least happy and most stressed people in Australia, a new study has found. 

People who rent their homes are are far less likely to feel happy than homeowners, and far more stressed, a survey of 30,000 Australians by Finder.com.au found.

Advertisement

Only 69 per cent of renters said they were ‘happy’, compared to 83 per cent of homeowners.

But it wasn’t just the fact that renters pay rent for their home making them unhappy, realestate.com.au reported.

Owning a home was associated with having more savings and a higher income, resulting in better financial wellbeing and greater happiness, the survey found. 

Many people who rent are also locked out of buying into the property market.

Advertisement
Renters are some of the least happy and most stressed people in Australia and far more struggle financially each week than homeowners do

Renters are some of the least happy and most stressed people in Australia and far more struggle financially each week than homeowners do

Only 69 per cent of renters said they were 'happy', compared to 83 per cent of homeowners

Only 69 per cent of renters said they were ‘happy’, compared to 83 per cent of homeowners

‘Renters are more likely to be students, young people starting their careers, or those on lower incomes, which can make it difficult to get into the housing market,’ said Sarah Megginson of Finder.

Over a quarter of renters (26 per cent) said they were ‘extremely stressed’ over their finances, compared to just 15 per cent of home owners.

Advertisement

‘We hear a lot about mortgage stress but our research shows renters are struggling the most,’ Ms Megginson said.

The data while showed 22 per cent of homeowners struggled 

Rents increased by an average of eight per cent across the major cities in the last year, with the biggest rises in Darwin, Perth and Adelaide.

Hobart is the least affordable capital city in Australia for the average rental households of each city, according to the rental affordability index.

Advertisement

The average person renting at median rental price would spend 34 per cent of their income on housing. 

People who rent their homes are are far less likely to feel happy than homeowners, and far more stressed, a survey of 30,000 Australians by Finder.com.au found

People who rent their homes are are far less likely to feel happy than homeowners, and far more stressed, a survey of 30,000 Australians by Finder.com.au found

Mortgage stress hogs the headlines, but new research has found renters are usually under much more stress

Mortgage stress hogs the headlines, but new research has found renters are usually under much more stress 

Adelaide is the second-least affordable city for renting, with renters on average spending 27 per cent of income on rent.

Advertisement

Rental affordability has improved in Sydney and Melbourne.

In Sydney renters on average spent 24 per cent of income on rent, while in Melbourne it was just 20 per cent.

One of the major differences contributing to renters’ reduced financial wellness was how little they saved, the Finder data showed – around half of what homeowners do.

On average renters saved just $516 a month, compared to $989 for people who own their home.

Advertisement

On average renters had just $13,951 in savings, while homeowners had almost $41,000.

When it came to shareholdings, homeowners blitzed renters, owning $24,732 on average in shares. Rents on average had $3,762 worth. 

Renters also had more problems with debt, the survey found and were ‘less secure’ in their jobs than homeowners.

They also took longer to longer to pay off a credit card than homeowners: nine months compared to just five months for people who owned their home.

Advertisement

Advertisement

Advertisement

Advertisement

Similar Posts