Our cities are becoming increasingly unaffordable for key workers.
Herbert Smith Freehills have recently calculated that an intensive care nurse would have to pay up to a huge 38% of their annual income, just to afford the loan repayment on an average priced property in Sydney or Melbourne.
The average person will experience housing stress when the cost of servicing a mortgage exceeds just 30% of income. Add in the additional stress that an essential worker experiences through the nature of their role, and that’s a recipe for disaster!
Shoring up access to essential workers in our cities for housing security is essential and a big pivot in thinking is required to solve this.
Enter HOPE Housing. Our innovative shared equity solution will soon be available to help essential workers afford housing close to their place of work.
Read the full Herbert Smith Freehills article called ‘Future Cities Series: Beyond Applause – Key Workers in Future Cities’.