Rural dwellers 'have greater mortgage stress'

Thursday 24 May 2012

Article by Mozo

People who live in rural parts of Australia have far more concerns over their finances than city dwellers.

A new report published by Roy Morgan Research has indicated that Aussies who reside in the countryside earn far less than their urban counterparts.

In the 12 months to March 2012 the average net wealth of a person over the age of 14 in rural areas stood at $249,000, which was a lot lower than the $300,000 figure that was calculated for city residents.

Although property prices in less built-up areas tend to be lower, the research showed that people in the countryside are more likely to struggle to make home loan repayments.

Around 18.9 per cent were deemed to be at risk of defaulting on their mortgage, compared to 18.3 per cent of people in the city.

"Country lifestyles offer numerous advantages over city living, however wealth doesn't appear to be one of them," commented industry communications director at Roy Morgan Research Norman Morris.

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Rural dwellers 'have greater mortgage stress'

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