Income needed to rent comfortably in Broome highest in WA, according to new study

A new study has unveiled the alarming figures renters across Australia need to earn to rent in the most sought-after suburbs, with Broome topping the State for the highest income needed to afford rent. The new report by MCG Quantity Surveyors highlights the disparity between current incomes and what is necessary to afford rent comfortably in the top 10 suburb areas across Australian capital cities, calling for action to address the “significant income gap” renters face. While West Busselton tops the highest income gap at $695.43 after needing $2167 per week to rent comfortably, Broome tops the highest required weekly income to rent comfortably at $2962. MCG Quantity Surveyors managing director Mike Mortlock said the figures revealed the “harsh reality” faced by many Australians. “(It is) a reality where the dream of living in a prime location is increasingly out of reach due to the widening gap between wages and rental prices,” he said. “When a significant portion of a household’s income is dedicated to rent, there’s less available for other expenditures. This isn’t just a problem for renters; it’s a challenge for the entire local economy.” Mr Mortlock urged policymakers and industry stakeholders to consider the report’s findings, emphasising the critical need for affordable housing. “We need innovative solutions to bridge this affordability gap,” he said. “It’s imperative for the sustainability of our communities and the overall health of our economy.”