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Struggling Australian renters may look to bills for savings

Lower prices of gas can help renters 16000646 800469962 0 0 14000382 300

While it may not come as a great surprise that Australian renters often face financial difficulty relating to soaring rates - especially in capital cities - latest data indicates the problem is highly prevalent throughout the country.

According to the Australians For Affordable Housing's report released yesterday (October 24) - titled Housing Costs Through The Roof - 26 per cent of renters around the nation are at risk of hardship or poverty based on an inability to comfortably make compulsory payments.

In Sydney alone there are over 100,000 households under rental stress - a quarter of the total - while across NSW that figure rises to 27 per cent.

The median rent in the NSW capital is $490, while the minimum wage is $589.30 and the income at the top of the 40th percentile in the state is $612.

24 per cent of renters in Victoria, 27 per cent in Queensland and 26 per cent in South Australia face a similar dilemma.

One way that individuals can attempt to balance out their finances in an increasingly difficult market is by investigating their bills - especially when moving to a new home.

High gas prices may affect larger households even more, so speak to a switching service for advice about how you might be able to make vital savings.

Posted by Callum Fleming