In the twelve months to March 2012, the average net wealth per person (14+) was $249,000 for those living in the country, compared with $300,000 for city residents.
The average income per person (14+) in the country was $39,100, compared with $44,000 for those in the city. Household incomes also mirrored this trend (country $79,700, city $99,400).
Although the same proportion of country and city residents (14+) have a home loan (30.1%), a slightly higher proportion of country residents (18.9%) were deemed ‘at risk’ of missing a repayment on their loan, compared with mortgage holders in the city (18.3%). Average home values were also lower in the country (country $447,000, city $642,000).
Wealth of Country and City Residents
Source: Roy Morgan Research Single Source (14+), Apr 11 – Mar 12, n= 53,256 * Nov 11 – Jan 12 n = 3,043.
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“Country lifestyles offer numerous advantages over city living, however wealth doesn’t appear to be one of them. People living in rural areas tend to hold a smaller amount of net wealth, are on lesser personal and household incomes, own or are paying off homes that are lower in value, and even suffer from a higher amount of mortgage stress, compared to city residents.”