The number of households renting their home have increased from 27 per cent in 1997-98 to 32 per cent in 2017-18, according to the new figures release by the Australian Bureau of Statistics (ABS).
By comparison, the proportion of households that owns their own home decreased from 70 per cent in 1997-98 to 66 per cent in 2017-18.
In addition, the proportion of homeowners without a mortgage decreased from 40 per cent to 30 per cent, while the rate of homeowners with a mortgage increased from 31 per cent to 37 per cent.
ABS also found that the proportion of households that rent their home from a private landlord increased from 20 per cent to 27 per cent, while the proportion of those who rent from a public housing decreased from 6 to 3 per cent.
"Most of the increase in renter households was in the private rental market," said ABS Chief Economist, Bruce Hockman.
"Some of the decrease in public housing numbers can be attributed to recent trends in social housing provision which have seen the community housing sector taking on an increasingly prominent role,” Mr Hockman added.
Further, renters were paying $366 per week on average in 2017-18, while homeowners with a mortgage were paying $484 per week for housing costs including rent payments, rate payments and mortgage or unsecured loan payments.
However, ABS also revealed that household renters were devoting more of their income to housing, paying 20 per cent of their income on housing costs, compared to 16 per cent for homeowners with a mortgage, and 3 per cent for homeowners without a mortgage.
"Interest rates have remained relatively low over the past several years and we have seen a recent softening in the rental market in some major cities," Mr. Hockman said.
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