Ryan Bridge: Buying a house is hard, but still worth it

Buying a house is hard, but still worth it. 

There's new CoreLogic data out this morning, it's a housing affordability report looking at median property values versus median income for households. 

Let's put all the detail aside for a second and cut to the chase. Basically, the good news for you, houses are worth 7.9% household income – they were worth 10 times. 

So that is good news. 

Also good news: the time it takes to save for a deposit is now 10 years. It's better than the 13 years that it took in 2021. 

So that's the good news. 

The bad news from the start of this morning: mortgage payments, 54% of your median household income, that is 10% above the average. 

So there's good news and there's bad news. 

It's hard but not impossible for most people, and still very much worth it. 

Long term values go up, there's the stability of owning your own place and there's great stories, like this Auckland 20-year-old Lewis Pollock who was in the news the other day. He left school early, worked in retail, became a manager. 

He works hard for his money and he saves, had no help from his parents and he's bought his first house at 20. 

He's a homeowner and he's saying to other young people, you can do it if you put your mind to it. 

Now, I know this is not possible for everyone, some circumstances just wouldn't allow you to be able to put the money aside to save. 

But for most young people it's hard but not impossible, and well worth the effort. 

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Episode Transcript

Speaker 1 (00:00):
It's still hard, but still worth it. This is buying
a house. There's new Core Logic data out this morning.
It's a housing affordability report looks at median property values
versus median income for households. Let's put all the details
aside for a second and cut to the chase. Basically,
the good news for you, houses are worth about ten

(00:21):
times household in Sorry now with seven point nine percent
household income, they were worth ten times, so that is
good news. Also good news, the time it takes to
save for a deposit is now ten years. I know
this is good news because it's better than the thirteen
years that it took in twenty twenty one. So that's

(00:41):
the good news. The bad news from the start of
this morning mortgage payments fifty four percent of your median
household income fifty four percent, and that is ten percent
above the average. So there's good news in these bad news.
It's hard but not impossible for most people, and still
very much worse. Long term values go up. There's the

(01:02):
stability of owning your own place, and there's great stories
like this Aukland twenty year old Lewis Pollock, who was
in the news the other day left school early, worked
in retail, became a manager. He works hard for his
money and he saves, had no help from his parents,
and he's brought his first house at twenty, he's a homeowner.
And he's saying to other young people, you can do

(01:24):
it if you put your mind to it. Now. I
know this is not possible for everyone. You know, in
some circumstances it just wouldn't allow you to be able
to put the money aside to save. But for most
young people it's hard, but not impossible and well worth
the effort. For more from News Talks' b listen live

(01:46):
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