New data reveals the income gap SA buyers face to own a home

New data shows how much you need to earn on average to afford a home in South Australia compared to last year, and, well, it might be time to hit your boss up for a raise. According to exclusive Canstar research, in order to buy a typical house in South Australia with a 20 per cent deposit, a single person would need to be earning, on average, a whopping $27,646 more than last year before tax. Taking the average of all of the pre-tax incomes required to purchase a median priced home at 80 per cent of the property value in every suburb and town Canstar have unit and house data for, single buyers need to earn $167,424 before tax. Last year that figure was $139,778 Those looking to buy a unit fare slightly better, with an average pre-tax income of $114,741 needed. This is up $17,656 on this time last year. To put that into perspective, the average pay increase for the average Australian (earning $108,352 per year) is between 3.2 per cent to 3.7 per cent, allowing for benefits. This puts an extra $3,467 to $4,009 in their bank account, highlighting the widening gap between wage growth and mortgage serviceability. Canstar research group manager Josh Sale. Photo: Supplied Canstar researc...