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30-10-2018

Housing costs rise more than household income

The average annual household income has risen 41 percent since 2008, up more than twice the rate of inflation, Stats NZ said today.

Over the same period, average annual housing costs increased 43 percent.

“Although average household income grew 41 percent over the last decade, individual households experienced this growth differently," labour market and household statistics senior manager Jason Attewell said. “While income for the poorest tenth of households grew 29 percent, for the richest tenth, income grew 47 percent.”

From 2008, the average annual household income rose just over $30,000 (41 percent), to reach $105,719 (before tax) in 2018. Over the same period, average annual housing costs increased 43 percent, from $11,967 to $17,122, according to the latest household income and housing-cost statistics. Inflation as measured by the consumers price index increased 17 percent over the same period.  To read the full report go here

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