Local News

COVID-19 divides renters and homeowners with regions faring better


New data reveals a stark contrast in the financial and emotional experiences of renters and mortgage holders across Australia during the Covid-19 pandemic.

Renters are significantly more concerned about their financial well-being (75% versus 64%), housing costs (49% v 31%), energy bills (47% v 29%) and groceries (40% v 20%).

They're also more likely to use credit cards or buy-now-pay-later schemes (37% v 25%) as well as dip into savings (44% v 28%) or access their superannuation early (19% v 8%).

However, Lauren Solomon from the Consumer Policy Research Centre says the situation was less severe for renters and homeowners in regional locations such as Ballarat.

"What the research found was that regional renters and homeowners alike reported lower levels of concern about their housing costs compared to their metro counterparts."

"Homeowners in the regions also reported much lower levels of reaching out to mortgage providers for payment assistance or refinancing," Ms Solomon said.



Image by mohamed Hassan from Pixabay