According to the latest index provided by ROOST based on our standard household profile, it now takes 57.6% of the median take-home pay to service a mortgage of a median home purchased in May. Median-priced housing is still not affordable for families in Queenstown, even when both adults work.
This is up from 57.5% in the previous month, April. A year ago, it was 53.9% – five years ago it was 86.6%.
The profile we use for a standard buyer household is one adult male working full-time, one adult female working 50%, and one child aged 5 years.
Source: ROOST Mortgage Brokers / Interest.co.nz