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How much does it cost to have your own home?

By Louise Morrin

Have you been thinking about buying property in Carlton for a while, but you're not quite sure whether your finances will cope? Well, the latest data from the Australian Bureau of Statistics (ABS) could give some food for thought, as it sheds light on how much people spend on their homes.

During the 2013-14 financial year, the ABS noted that homeowners with a mortgage spent around 16 per cent of their income on housing costs. This marked a two per cent decline from the previous month.

Renters, on the other hand, dedicated around 20 per cent of their income to meeting costs. You could therefore find that buying your own property in Carlton is more cost effective, especially with so many favourable home loan rates available at the moment.

Lower income households were shown to spend around 27 per cent of their gross weekly income on their mortgage. This increased to 34 per cent for those who rented their property.

"With housing costs for owners with a mortgage remaining steady, and gross weekly income increasing, mortgages, on average, became more affordable in 2013-14," said Caroline Daley from the ABS.

There could be even more incentive to buy your home in 2016, as the latest figures show confidence levels are starting to improve. The RDC CoreLogic RP Data Australian Residential Development Outlook Spring Edition found that construction activity is rising, giving you more choice when entering the property market.

The low cash rate is helping the situation, as is the increasing demand for homes among the Australian public. If you're hoping to get ahead of the charge, now could be a good time to think about getting in touch with an experienced agent.

We can talk you through your options and find you a home that meets your budget expectations.

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