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Ryan Bridge: Buying a house is hard, but still worth it · The SME Stream

• 0:00
  Speaker 1: It's still hard but still worth it. This is buying
• 0:02
  Speaker 1: a house. There's new Core Logic data out this morning.
• 0:05
  Speaker 1: It's a housing affordability report looks at median property values
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  Speaker 1: versus median income for households. Let's put all the details
• 0:13
  Speaker 1: aside for a second and cut to the chase. Basically,
• 0:16
  Speaker 1: the good news for you, houses are worth about ten
• 0:21
  Speaker 1: times household in Sorry now with seven point nine percent
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  Speaker 1: household income, they were worth ten times, so that is
• 0:27
  Speaker 1: good news. Also good news, the time it takes to
• 0:31
  Speaker 1: save for a deposit is now ten years. I know
• 0:37
  Speaker 1: this is good news because it's better than the thirteen
• 0:39
  Speaker 1: years that it took in twenty twenty one. So that's
• 0:41
  Speaker 1: the good news. The bad news from the start of
• 0:44
  Speaker 1: this morning mortgage payments fifty four percent of your median
• 0:48
  Speaker 1: household income fifty four percent, and that is ten percent
• 0:52
  Speaker 1: above the average. So there's good news in there's bad news.
• 0:55
  Speaker 1: It's hard but not impossible for most people, and still
• 0:59
  Speaker 1: very much worse it long term values go up. There's
• 1:02
  Speaker 1: the stability of owning your own place, and there's great
• 1:06
  Speaker 1: stories like this Aukland twenty year old Lewis Pollock, who
• 1:09
  Speaker 1: was in the news the other day, left school early,
• 1:11
  Speaker 1: worked in retail, became a manager. He works hard for
• 1:15
  Speaker 1: his money and he saves, had no help from his parents,
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  Speaker 1: and he's brought his first house at twenty, he's a homeowner.
• 1:21
  Speaker 1: And he's saying to other young people, you can do
• 1:24
  Speaker 1: it if you put your mind to it. Now. I
• 1:26
  Speaker 1: know this is not possible for everyone. You know, in
• 1:29
  Speaker 1: some circumstances it just wouldn't allow you to be able
• 1:33
  Speaker 1: to put the money aside to save. But for most
• 1:36
  Speaker 1: young people it's hard, but not impossible and well worth
• 1:42
  Speaker 1: the effort.