Housing affordability down in major cities
The Ministry of Business Innovation and Employment released data tracking the number of first home buyers and renters with below average income, comparing March 2016 through to March 2017. It serves as a measure of affordability across the country.
The figures show first home buyer households "with below average income after housing costs" rose from 77% in March 2016, to 80% in March 2017. The figures indicate a growing number of New Zealanders are struggling with their finances after paying mortgage costs.
New Zealand's renters remained in the same financial position, according to the data. The percentage of renter households with "below average incomes after housing costs" remained unchanged at 61% between March 2016 and March 2017, MBIE said.
The data reveals a growing number of first home buyers with below average income after housing costs across New Zealand’s major cities. In Auckland, the figure rose from 83% to 84%. In Christchurch the figure rose from 72% to 74%. While in Wellington, the percentage increased from 58% to 63%.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[Weekly Wrap] KiwiSaver in play; but outcome unclear](https://goodreturns.publit.io/file/c_fill,w_300,h_200/0ad582e4-c9a3-4692-bbe2-62d928f77fd2.jpg)
