How to live like a villa without a roof

The average Australian house price is now $2.1 million and the average rent for a two-bedroom apartment is about $2,300 a month.

Photo: Supplied The median Australian household income is $52,000 a year and the median household savings rate is less than 3 per cent.

How to pay your rent and mortgage?

You’ll need to use your income to cover your mortgage and rent payments.

Read moreHow much is it going to cost you to live in a one-bedroom house?

Read moreYou’ll need about $3,000 for the average apartment.

This amount includes a down payment, mortgage insurance, rent, utility bills and other expenses.

For a two bedroom apartment, you’ll need $5,000.

This includes rent payments, mortgage interest, the cost of electricity, the water bill and any other maintenance costs.

For more information about buying or renting a home, visit www.property.gov.au or call 1800 676 657.

If you’re looking for a new home, contact your property agent.

You may also want to contact the Property Institute of Australia.