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Kiwis spending quarter of budget on their housing

House prices are still rising, even though housing costs are now sucking in about a quarter of all household spending and total mortgage costs have ballooned to more than $6.3 billion a year.

Wednesday, December 01st 2004

Latest household spending figures from Statistics New Zealand show on average households spend 24 cents in every dollar on housing – making it the biggest part of household budgets.

The housing component includes mortgages, rents, rates and associated costs.

The average household weekly mortgage repayment has jumped almost 18 per cent in three years to more than $81 a week.

Kiwis spend $6.3 billion a year on mortgage payments.

Average weekly rent payments have risen almost 22 per cent.

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