Regional property affordability is in focus following the release of a report by the Regional Australia Institute.
The findings focused on the benefits of living in a regional area, compared to the city, and shows many workers who lived in outer city suburbs of capital cities would be better off moving to regional areas because they were paying double the mortgage payments on a similar average wage.
The new research shows some families could be financially better off if they set up a life in regional South Australia.
The RAI recently launched a new tool, MOVE, which has an interactive map that highlights council areas with information on median house prices, average years to pay a mortgage (based on 28pc of income to repayments), average income, unemployment rates and more. You can see where your local town sits by visiting our website.
The Flinders Ranges district has an average house mortgage of $102,308 which can be paid in six years, while in the Mt Remarkable ($120,054), Orroroo/Carrieton ($125,739), Peterborough ($83,618) and Kimba ($95,676) council areas it would be eight years. The number of years is calculated by the average house median price and the average wage income.
Where does your town/city sit? Click here to see the interactive map.