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Are energy bills affecting your housing affordability options?

Housing affordability affected by energy costs 16000646 800469736 0 0 7004867 300

Housing affordability is commonly cited as the amount left over in a household budget after all necessary expenditure items are accounted for.

According to the Australian housing and Urban Research Institute, 68 per cent of families with children under the age of five are experiencing severe problems concerning their ability to purchase or rent an ideal property.

Expenditure for the average family comes in many forms - transport costs may be spread out over fuel, the price of running a car and public service fares.

Food, healthcare and education costs are also categorised as necessary expenditure, as homes simply cannot do without them.

Recreation activities, such as attending sporting events or going to the movies are deemed as optional costs, however often are considered by researchers when looking at average amount that households spend annually.

With housing affordability a pressing concern for many families, it might be helpful to document all your current expenditure items and look at where potential savings could be made.

For example, energy bills can sometimes be reduced by switching electricity suppliers.

A smart approach to budgeting expenditure may see some families open to exploring more ideal options when it comes to finding the perfect home.

Posted by Charlie Moore