Today I will be answering a big question: how might two people earning an average salary buy an average priced property in New Zealand?
Writing this out of curiosity and to inspire & inform, I need to make a few disclaimers. The first is that I will be making assumptions. The second is that I will be over-estimating and simplifying numbers & figures. Banks and financial entities have this disclaimer when presenting their calculators – and creating hypothetical scenarios here is no different because it’s not realistic to personalise this to everyone’s individual situation.
In saying that, I’ve chosen what I believe to be realistic – of the average millennial earning average dollars buying an average house – based on my experience, my knowledge of others’ experiences and good ol’ fashioned research!
I hope this helps to give you an idea of how two people in New Zealand might buy what is officially called an ‘affordable home’ in New Zealand, at the humble price of $650,000.
Let’s call them Jessica and Noah!