Cost Of Living in Wollongong 2024

Average monthly spending for singles, couples, students, and families in Wollongong

Whether you're living in Wollongong or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.

Average Monthly Expenditure

5,700 AUD

per month
$3,700

440 AUD   $280
$37,000   57,000 AUD

Single

3,900 AUD

per month
$2,500

1,300 AUD   $850
$17,000   26,000 AUD

Couple

6,500 AUD

per month
$4,200

2,200 AUD   $1,400
$23,000   35,000 AUD

Family

8,700 AUD

per month
$5,700

3,100 AUD   $2,000
$31,000   48,000 AUD

Student

2,800 AUD

per month
$1,800

1,100 AUD   $720
$3,200   5,000 AUD
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Wollongong is 3,900 AUD. Expenses can range from 1,300 AUD at the minimum level to 26,000 AUD at the highest end.


Couples

The average monthly spending of couples in Wollongong is 6,500 AUD. Expenditure can range from 2,200 AUD to 35,000 AUD per month.


Families

The average cost of living for families in Wollongong is 8,700 AUD per month. Families spend anywhere from 3,100 AUD to 48,000 AUD.


Students

The average monthly expenditure for students in Wollongong is 2,800 AUD. Students spend from 1,100 AUD to 5,000 AUD per month.


Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.

Prices and cost of goods and services in Wollongong


Dining, food, and beverages costs


Large bottle of water
0.79 AUD 0.90 AUD 1 AUD
MINIMUM AVERAGE MAXIMUM
$0.51 $0.58 $0.67
Fast food combo meal
6.7 AUD 13 AUD 22 AUD
MINIMUM AVERAGE MAXIMUM
$4.4 $8.7 $15
Restaurant meal for one
21 AUD 32 AUD 64 AUD
MINIMUM AVERAGE MAXIMUM
$14 $21 $42
Fine dining meal for one
43 AUD 64 AUD 260 AUD
MINIMUM AVERAGE MAXIMUM
$28 $42 $170
Soda or Soft Drink
0.96 AUD 1.1 AUD 1.3 AUD
MINIMUM AVERAGE MAXIMUM
$0.62 $0.73 $0.87
Cappuccino or latte
5.6 AUD 9 AUD 13 AUD
MINIMUM AVERAGE MAXIMUM
$3.6 $5.8 $8.7

Grocery and market costs


Milk large bottle
4.5 AUD 5.4 AUD 6.7 AUD
MINIMUM AVERAGE MAXIMUM
$2.9 $3.5 $4.4
Loaf of bread
0.81 AUD 0.92 AUD 1.1 AUD
MINIMUM AVERAGE MAXIMUM
$0.52 $0.60 $0.69
12 eggs
3.4 AUD 4.5 AUD 6.7 AUD
MINIMUM AVERAGE MAXIMUM
$2.2 $2.9 $4.4
Fresh whole chicken
7.6 AUD 9.9 AUD 14 AUD
MINIMUM AVERAGE MAXIMUM
$5 $6.4 $9.1
Beef 1 kg or 1 lb
9 AUD 13 AUD 27 AUD
MINIMUM AVERAGE MAXIMUM
$5.8 $8.7 $17
Rice 1 kg or 1 lb
3.6 AUD 4.9 AUD 7 AUD
MINIMUM AVERAGE MAXIMUM
$2.3 $3.2 $4.5
Tomato 1 kg or 1 lb
1.3 AUD 1.8 AUD 3.4 AUD
MINIMUM AVERAGE MAXIMUM
$0.87 $1.2 $2.2
Apples 1 kg or 1 lb
2.4 AUD 3.1 AUD 5.2 AUD
MINIMUM AVERAGE MAXIMUM
$1.6 $2 $3.4

Commute, travel, and transportation costs


20 minutes taxi ride
5.4 AUD 6.4 AUD 13 AUD
MINIMUM AVERAGE MAXIMUM
$3.5 $4.2 $8.4
Average car full tank
34 AUD 45 AUD 90 AUD
MINIMUM AVERAGE MAXIMUM
$22 $29 $58
Average car 1-day rental
31 AUD 41 AUD 62 AUD
MINIMUM AVERAGE MAXIMUM
$20 $27 $40
Average car price
17,000 AUD 34,000 AUD 45,000 AUD
MINIMUM AVERAGE MAXIMUM
$11,000 $22,000 $29,000
Bus ticket one way
1 AUD 1.5 AUD 3.1 AUD
MINIMUM AVERAGE MAXIMUM
$0.67 $1 $2
Car Service
41 AUD 62 AUD 120 AUD
MINIMUM AVERAGE MAXIMUM
$27 $40 $80

Utility cost (monthly)


Utility Bill - Individual
79 AUD 240 AUD 1,600 AUD
MINIMUM AVERAGE MAXIMUM
$51 $150 $1,000
Utility Bill - Couple
110 AUD 330 AUD 1,700 AUD
MINIMUM AVERAGE MAXIMUM
$71 $210 $1,100
Utility Bill - Family
92 AUD 260 AUD 1,400 AUD
MINIMUM AVERAGE MAXIMUM
$59 $170 $930
Internet and cable
34 AUD 67 AUD 90 AUD
MINIMUM AVERAGE MAXIMUM
$22 $44 $58
Mobile phone charges
27 AUD 45 AUD 130 AUD
MINIMUM AVERAGE MAXIMUM
$17 $29 $87

Leisure and activities costs


Movie ticket
17 AUD 22 AUD 34 AUD
MINIMUM AVERAGE MAXIMUM
$11 $15 $22
One month gym membership
49 AUD 62 AUD 120 AUD
MINIMUM AVERAGE MAXIMUM
$32 $40 $80

Cloths and accessories costs


Pair of jeans or pants
36 AUD 51 AUD 77 AUD
MINIMUM AVERAGE MAXIMUM
$24 $33 $50
Woman dress
34 AUD 48 AUD 150 AUD
MINIMUM AVERAGE MAXIMUM
$22 $31 $100
Woman shoes
33 AUD 44 AUD 100 AUD
MINIMUM AVERAGE MAXIMUM
$21 $29 $67
Men's shoes
28 AUD 34 AUD 69 AUD
MINIMUM AVERAGE MAXIMUM
$18 $22 $45
Men suit
31 AUD 39 AUD 210 AUD
MINIMUM AVERAGE MAXIMUM
$20 $25 $130
Regular t-shirt
15 AUD 21 AUD 62 AUD
MINIMUM AVERAGE MAXIMUM
$10 $13 $40

Housing costs / monthly rent


Studio apartment
510 AUD 770 AUD 2,100 AUD
MINIMUM AVERAGE MAXIMUM
$330 $500 $1,300
1-bedroom apartment
770 AUD 1,200 AUD 3,100 AUD
MINIMUM AVERAGE MAXIMUM
$500 $800 $2,000
2-bedroom apartment
1,000 AUD 1,500 AUD 4,100 AUD
MINIMUM AVERAGE MAXIMUM
$670 $1,000 $2,700

Housing costs / Buying


Studio apartment
100,000 AUD 150,000 AUD 310,000 AUD
MINIMUM AVERAGE MAXIMUM
$67,000 $100,000 $200,000
1-bedroom apartment
120,000 AUD 210,000 AUD 770,000 AUD
MINIMUM AVERAGE MAXIMUM
$80,000 $130,000 $500,000
2-bedroom apartment
210,000 AUD 620,000 AUD 1.2M AUD
MINIMUM AVERAGE MAXIMUM
$130,000 $400,000 $800,000

Furniture Costs


King Size Bed
670 AUD 840 AUD 1,100 AUD
MINIMUM AVERAGE MAXIMUM
$440 $540 $730
Double Bed
450 AUD 670 AUD 840 AUD
MINIMUM AVERAGE MAXIMUM
$290 $440 $540
Single Bed
400 AUD 520 AUD 670 AUD
MINIMUM AVERAGE MAXIMUM
$260 $340 $440
Living Room
750 AUD 960 AUD 3,400 AUD
MINIMUM AVERAGE MAXIMUM
$480 $620 $2,200
Dining Table
340 AUD 450 AUD 840 AUD
MINIMUM AVERAGE MAXIMUM
$220 $290 $540
Sofa or Couch
450 AUD 610 AUD 1,300 AUD
MINIMUM AVERAGE MAXIMUM
$290 $400 $870

Electronics and House Appliance Costs


TV Set
450 AUD 670 AUD 1,300 AUD
MINIMUM AVERAGE MAXIMUM
$290 $440 $870
Fridge or Freezer
400 AUD 610 AUD 840 AUD
MINIMUM AVERAGE MAXIMUM
$260 $400 $540
Washing Machine
520 AUD 750 AUD 1,300 AUD
MINIMUM AVERAGE MAXIMUM
$340 $480 $870
Stove or Cooker
480 AUD 610 AUD 840 AUD
MINIMUM AVERAGE MAXIMUM
$310 $400 $540
Mobile Phone
560 AUD 670 AUD 960 AUD
MINIMUM AVERAGE MAXIMUM
$360 $440 $620
Laptop or Computer
610 AUD 750 AUD 1,300 AUD
MINIMUM AVERAGE MAXIMUM
$400 $480 $870

Expenditure to Income Ratio in Wollongong

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.


Spending to Income Ratio

76%

68% to 84%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%6%
50% - 60%11%
60% - 70%18%
70% - 80%26%
80% - 90%16%
90% - 100%9%
100% - 110%5%
110% - 120%3%
120% - 130%2%
130% - 140%2%
> 140%1%

Interpretation and Analysis

The average spending-to-salary ratio in Wollongong is 76% This means that on average, people spend around 76% of their income for living. According to the distribution table, 18% of the population spend approximately 60% to 70% of their income every month.


How can spending be more than income?

A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.



Individual
68%
Spending-Income-Ratio
61%
76%

Couple
72%
Spending-Income-Ratio
64%
80%

Family
80%
Spending-Income-Ratio
71%
88%

How do people spend their money in Wollongong?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.

Housing Expenditure26%

26% of total expenses on average (15% to 34%)

LOW$85   130 AUD
AVERAGE$1,100   1,700 AUD
HIGH$11,000   17,000 AUD
Per Month

People living in Wollongong typically spend from 15% to 34% of their total monthly expenditure on housing with 26% being the average. The average spend on housing is 1,700 AUD with expenditure ranging from 130 AUD to 17,000 AUD. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water6%

6% of total expenses on average (3% to 10%)

LOW$14   22 AUD
AVERAGE$180   280 AUD
HIGH$1,800   2,800 AUD
Per Month

Utility expenditure like electricity, water, and gas in Wollongong ranges from 3% to 10% of total expenses with 6% being the average. The average monthly cost of utilities is 280 AUD with 22 AUD and 2,800 AUD being the upper and lower limits.

Transport, Fuel, Commute8%

8% of total expenses on average (4% to 12%)

LOW$28   44 AUD
AVERAGE$370   570 AUD
HIGH$3,700   5,700 AUD
Per Month

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 44 AUD to 5,700 AUD on commuting with 570 AUD being the norm for most people in one month. This means that money spent on transport constitutes about 8% of total spending on average but can go as low as 4% or as high as 12%.

Food and Groceries Cost27%

27% of total expenses on average (19% to 33%)

LOW$71   110 AUD
AVERAGE$920   1,400 AUD
HIGH$9,200   14,000 AUD
Per Month

The average outlay on groceries in a month in Wollongong is 1,400 AUD. The cost of groceries can range between 110 AUD to 14,000 AUD. People spend on average about 27% on food and groceries with upper and lower bounds of 19% and 33% respectively.

Healthcare and Medical Services9%

9% of total expenses on average (4% to 12%)

LOW$20   31 AUD
AVERAGE$260   400 AUD
HIGH$2,600   4,000 AUD
Per Month

People in Wollongong allocate 4% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 31 AUD to 4,000 AUD with 400 AUD being the norm.

Leisure and Shopping6%

6% of total expenses on average (3% to 10%)

LOW$11   17 AUD
AVERAGE$150   230 AUD
HIGH$1,500   2,300 AUD
Per Month

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 17 AUD to 2,300 AUD with 230 AUD being the average. Speaking of percentages, that equates to 3% to 10% of total expenses with an average of 6% for most residents.

Education and Schooling6%

6% of total expenses on average (4% to 12%)

LOW$17   26 AUD
AVERAGE$220   340 AUD
HIGH$2,200   3,400 AUD
Per Month

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 340 AUD per month with 26 AUD being the minimum spent amount and 3,400 AUD being the maximum.

Other Expenses12%

12% of total expenses on average (7% to 19%)

LOW$37   57 AUD
AVERAGE$480   740 AUD
HIGH$4,800   7,400 AUD
Per Month

How much money can you save in Wollongong every month?

We asked thousands of people what percentage of their income can they save in a month. Below are the answers.


What percentage of people in Wollongong manage to save money from their income every month?


Saving Money
61%
Not Saving
39%

Almost 61% of the surveyed people in Wollongong said that they can save some money at the end of each month while 39% said that aren't saving anything.


Percentage of people saving money by population group in Wollongong

GroupSaversNon Savers
Singles68%32%
Couples63%37%
Families59%42%

Savings-to-Income Ratio

The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.


Saving to Income Ratio

9.2% 17% of income 28%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

180 AUD
$120
2,400 AUD
$1,500
24,000 AUD
$15,000
MINIMUM AVERAGE MAXIMUM

For most people, 9.2% to 28% of their monthly income is what they can allocate to their savings, with 17% being the average. The amount of money that people can save is approximately 2,400 AUD on average with savings ranging from 180 AUD to 24,000 AUD.

68% of surveyed singles reported some of their income going to savings while 63% of couples said the same. 59% of families confirmed their ability to save money.


How much money do people actually save in Wollongong?

The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.


Singles

Saving to Income Ratio

12% 20% of income 29%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

540 AUD
$350
1,600 AUD
$1,100
11,000 AUD
$7,100
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%29%
10% - 20%23%
20% - 30%16%
30% - 40%16%
40% - 50%12%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 12% to 29% of their monthly income to savings, with 20% being the average for most singles. The average amount of money that singles are able to save is 1,600 AUD with 540 AUD and 11,000 AUD being the minimum and maximum respectively.


Couples

Saving to Income Ratio

10% 18% of income 28%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

910 AUD
$590
2,700 AUD
$1,800
15,000 AUD
$9,400
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%33%
10% - 20%25%
20% - 30%19%
30% - 40%11%
40% - 50%9%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 10% to 28% of their monthly income, with 18% being the average for most couples. The average amount of money that couples can save is 2,700 AUD with 910 AUD and 15,000 AUD being the minimum and maximum respectively.


Families

Saving to Income Ratio

9.2% 16% of income 26%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1,300 AUD
$820
3,600 AUD
$2,400
20,000 AUD
$13,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%36%
10% - 20%28%
20% - 30%20%
30% - 40%8%
40% - 50%6%
> 50%2%

Interpretation and Analysis

Families in Wollongong can save anywhere between 9.2% to 26% of their monthly income, with 16% being the average for most families. The average amount of money that families can put aside is 3,600 AUD with 1,300 AUD and 20,000 AUD being the minimum and maximum respectively.

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

  • 50% for needs and financial obligations

    This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

  • 30% for wants and discretionary spending

    This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

  • 20% for savings and emergency fund

    This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.

Affordable living in Wollongong

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Wollongong?


Yes
71%
No
29%

Around 71% of surveyed residents think that living in Wollongong is affordable with proper budgeting while 29% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Wollongong

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options56%

Few low-cost options44%


Based on the survey, 56% of the people living in Wollongong have no problem finding low-cost alternatives to support a frugal lifestyle while 44% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of Wollongong whether they have an emergency fund and the answers were as follows.

Yes69%

No31%


Based on the survey, 31% of the people living in Wollongong said that they don't have an emergency fund while 69% said that they do.

Financial Literacy in Australia

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy73%


We asked residents of Australia whether they acquired any adequate personal financial training in their lives. Approximately 27% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 73% said that they know about the general principles of personal finance from sources other than their own experience.


Difficulty in Budgeting and Financial Planning

We wanted to understand whether residents of Australia have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 27% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 73% said that they have everything under control.

Struggles with finance27%

Easily manages finances73%

Financial goals of people in Wollongong

In an attempt to understand the economic situation in Wollongong, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.


Financial Goal% People
Emergency Fund7%
Debt Reduction34%
Retirement Savings8%
Education Funding8%
Homeownership17%
Investing8%
Travel or Lifestyle10%
Healthcare Expenses9%
Financial Independence8%

Around 7% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 34% said their number one priority is to pay off high-interest debt or loans and improve credit. 8% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 8% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 10% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 9% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Wollongong

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Wollongong. Listed below are the answers given by the survey participants.


Reason% People
Low Income6%
High Expenses9%
Debt and Loans18%
Lack of Budgeting Skills10%
Impulsive Spending10%
Financial Emergencies6%
Living the moment7%
Will do it later17%
Inflation11%
Social Pressure3%
Market Instability3%

Around 6% of the people said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 18% of the residents said that they are burdened with debt and find it challenging to save money. 10% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 10% blamed impulsive spending as the reason for saving inability. Around 6% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 17% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 11% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.

Typical saving choices for people in Wollongong

Where do people choose to put their savings?


Saving Type% People
Emergency Funds11%
Gold10%
Savings Accounts17%
Retirement Accounts11%
Cash Savings16%
Real Estate10%
Investment6%
Stocks6%
Bonds6%
Mutual Funds3%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Wollongong

What does the retirement lifestyle look like in Wollongong and how much retirement savings are required?

Retirement age

The retirement age for most employees in Australia is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.

Retirement planning and savings

There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.


The typical saved amount of money you should have at every age as multiples of monthly salary:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Wollongong:
AgeAmount
2516,000 AUD
3032,000 AUD
3556,000 AUD
4080,000 AUD
45120,000 AUD
50170,000 AUD
55200,000 AUD
60250,000 AUD
65300,000 AUD

Retirement Income Distribution

We asked residents of Wollongong about their retirement income sources and below are the results.

Source% People
Pensions13%
Savings22%
Investments13%
Social Security8%
Annuities8%
Part-time Job10%
Real Estate17%
Dividends and Interest8%

Retirement Monthly Expenses in Wollongong

940 AUD
$610
2,800 AUD
$1,800
19,000 AUD
$12,000
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Wollongong


Percentage of people who are in debt


In Debt
26%
Debt Free
74%

According to the survey, 26% of the people in Wollongong have some kind of debt, loan, mortgage, or credit card payments while 74% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Wollongong

Debt to income ratio

26%

17% to 34%

( monthly debt payment / monthly income ) x 100

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 26% of the people's monthly income in Wollongong goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%12%
40% - 50%12%
30% - 40%14%
20% - 30%15%
10% - 20%18%
0% - 10%27%

According to our data, 3% of the debtors in Wollongong pay 60%+ of their income as debt settlement while 12% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 12% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 14% dedicated 30% to 40% of income for same. Things are looking brighter for 15% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Wollongong

Debt% People
Real Estate Mortgage13%
Auto Loan22%
Student Loan3%
Credit Card25%
Personal Loan37%

13% of debtors in Wollongong confirm that real estate mortgages constitutes the main part of their outstanding debt while 25% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 22% of people and personal loans rose at 37%. Lastly, student loans are the main source of debt for 3% of debtors in Wollongong.


About credit score and debt management

Managing debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.

Good debt vs. Bad debt

Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.


Loan Affordability Index in Wollongong

Besides measuring the loan-to-income ratio, we asked residents of Wollongong how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Frequency% People
Never55%
Once a year22%
Twice a year11%
Three times a year8%
Four times a year4%

Housing costs, accommodation, and housing affordability in Wollongong

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Wollongong

Monthly Rent Prices

Studio apartment
510 AUD 770 AUD 2,100 AUD
MINIMUM AVERAGE MAXIMUM
$330 $500 $1,300
1-bedroom apartment
770 AUD 1,200 AUD 3,100 AUD
MINIMUM AVERAGE MAXIMUM
$500 $800 $2,000
2-bedroom apartment
1,000 AUD 1,500 AUD 4,100 AUD
MINIMUM AVERAGE MAXIMUM
$670 $1,000 $2,700
3-bedroom apartment
1,200 AUD 2,100 AUD 5,600 AUD
MINIMUM AVERAGE MAXIMUM
$800 $1,300 $3,600
Furnished apartment
2,500 AUD 6,200 AUD 12,000 AUD
MINIMUM AVERAGE MAXIMUM
$1,600 $4,000 $8,000
Townhouse
2,100 AUD 3,100 AUD 8,800 AUD
MINIMUM AVERAGE MAXIMUM
$1,300 $2,000 $5,700
House
2,500 AUD 6,200 AUD 12,000 AUD
MINIMUM AVERAGE MAXIMUM
$1,600 $4,000 $8,000
Villa
3,100 AUD 7,700 AUD 12,000 AUD
MINIMUM AVERAGE MAXIMUM
$2,000 $5,000 $8,000

The monthly rental cost of a studio apartment in Wollongong ranges between 510 AUD and 2,100 AUD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 770 AUD to 3,100 AUD. Two-bedroom rentals rate ranges between 1,000 AUD and 4,100 AUD per month. The monthly rental for a three-bedroom apartment ranges from 1,200 AUD to 5,600 AUD. The average rent of a townhouse in Wollongong is around 3,100 AUD while house rental costs can be as high as 6,200 AUD per month. Finally, if you want to rent a villa, expect to pay anywhere from 3,100 AUD to 12,000 AUD per month.



Apartment and house prices in Wollongong

Cost of buying a property

Studio apartment
100,000 AUD 150,000 AUD 310,000 AUD
MINIMUM AVERAGE MAXIMUM
$67,000 $100,000 $200,000
1-bedroom apartment
120,000 AUD 210,000 AUD 770,000 AUD
MINIMUM AVERAGE MAXIMUM
$80,000 $130,000 $500,000
2-bedroom apartment
210,000 AUD 620,000 AUD 1.2M AUD
MINIMUM AVERAGE MAXIMUM
$130,000 $400,000 $800,000
3-bedroom apartment
690,000 AUD 1M AUD 3.1M AUD
MINIMUM AVERAGE MAXIMUM
$450,000 $670,000 $2M
Townhouse
880,000 AUD 2.1M AUD 7.7M AUD
MINIMUM AVERAGE MAXIMUM
$570,000 $1.3M $5M
House
1M AUD 6.2M AUD 8.8M AUD
MINIMUM AVERAGE MAXIMUM
$670,000 $4M $5.7M
Villa
1.2M AUD 6.9M AUD 10M AUD
MINIMUM AVERAGE MAXIMUM
$800,000 $4.5M $6.7M

The average price of a studio apartment in Wollongong can range from 100,000 AUD to 310,000 AUD depending on location. One bedroom cost can be anywhere from 120,000 AUD to 770,000 AUD. A villa can cost you 6.9M AUD on average with prices ranging from 1.2M AUD to 10M AUD.


If you're leasing or purchasing, housing costs in Wollongong will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.

House / apartment prices to income ratio


Property price to income ratio

( average property price / average monthly income ) x 100


38 x113 monthly income 196
MINIMUM AVERAGE MAXIMUM

Property prices in Wollongong can be x113 to x196 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x113 multiples of the average monthly salary in Wollongong.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


20% 29% of income 38%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Wollongong is around 29%. This means that people pay 29% of their income for rent. Those figures can range from 20% to 38% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Housing Affordability Index
27%

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.


FROM
2.2%
AVERAGE
3.2%
TO
4.2%

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.


8.7 AUD 110 AUD 1,100 AUD
MINIMUM AVERAGE MAXIMUM

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Wollongong

Housing32%

32% of total expenses on average (20% to 44%)

LOW$310   470 AUD
AVERAGE$920   1,400 AUD
HIGH$6,100   9,400 AUD
Per Month

Utilities, Electricity, Water7%

7% of total expenses on average (3% to 12%)

LOW$51   79 AUD
AVERAGE$150   240 AUD
HIGH$1,000   1,600 AUD
Per Month

Transport, Fuel6%

6% of total expenses on average (4% to 12%)

LOW$68   100 AUD
AVERAGE$200   310 AUD
HIGH$1,400   2,100 AUD
Per Month

Food and Groceries18%

18% of total expenses on average (12% to 23%)

LOW$140   210 AUD
AVERAGE$410   630 AUD
HIGH$2,700   4,200 AUD
Per Month

Healthcare11%

11% of total expenses on average (5% to 15%)

LOW$76   120 AUD
AVERAGE$230   350 AUD
HIGH$1,500   2,400 AUD
Per Month

Leisure, Shopping4%

4% of total expenses on average (3% to 7%)

LOW$42   65 AUD
AVERAGE$130   200 AUD
HIGH$850   1,300 AUD
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW$17   26 AUD
AVERAGE$51   79 AUD
HIGH$340   520 AUD
Per Month

Other Expenses20%

20% of total expenses on average (12% to 24%)

LOW$150   240 AUD
AVERAGE$460   710 AUD
HIGH$3,100   4,700 AUD
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Wollongong

Housing29%

29% of total expenses on average (22% to 39%)

LOW$470   720 AUD
AVERAGE$1,400   2,200 AUD
HIGH$7,500   12,000 AUD
Per Month

Utilities, Electricity, Water6%

6% of total expenses on average (4% to 10%)

LOW$71   110 AUD
AVERAGE$210   330 AUD
HIGH$1,100   1,700 AUD
Per Month

Transport, Fuel10%

10% of total expenses on average (4% to 15%)

LOW$170   260 AUD
AVERAGE$510   790 AUD
HIGH$2,700   4,200 AUD
Per Month

Food and Groceries16%

16% of total expenses on average (11% to 21%)

LOW$200   310 AUD
AVERAGE$590   920 AUD
HIGH$3,200   4,900 AUD
Per Month

Healthcare13%

13% of total expenses on average (7% to 17%)

LOW$160   240 AUD
AVERAGE$470   720 AUD
HIGH$2,500   3,800 AUD
Per Month

Leisure, Shopping5%

5% of total expenses on average (2% to 8%)

LOW$85   130 AUD
AVERAGE$250   390 AUD
HIGH$1,400   2,100 AUD
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW$28   44 AUD
AVERAGE$85   130 AUD
HIGH$450   700 AUD
Per Month

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW$240   370 AUD
AVERAGE$720   1,100 AUD
HIGH$3,900   5,900 AUD
Per Month


Family
Average monthly expenses and break out of spending for families living in Wollongong

Housing28%

28% of total expenses on average (23% to 38%)

LOW$630   980 AUD
AVERAGE$1,800   2,800 AUD
HIGH$10,000   15,000 AUD
Per Month

Transport, Fuel6%

6% of total expenses on average (4% to 8%)

LOW$160   240 AUD
AVERAGE$450   700 AUD
HIGH$2,500   3,800 AUD
Per Month

Food and Groceries20%

20% of total expenses on average (13% to 26%)

LOW$360   550 AUD
AVERAGE$1,000   1,600 AUD
HIGH$5,600   8,600 AUD
Per Month

Healthcare10%

10% of total expenses on average (6% to 15%)

LOW$160   240 AUD
AVERAGE$450   700 AUD
HIGH$2,500   3,800 AUD
Per Month

Leisure, Shopping4%

4% of total expenses on average (2% to 8%)

LOW$99   150 AUD
AVERAGE$280   440 AUD
HIGH$1,600   2,400 AUD
Per Month

Education14%

14% of total expenses on average (7% to 22%)

LOW$280   430 AUD
AVERAGE$790   1,200 AUD
HIGH$4,400   6,700 AUD
Per Month

Other Expenses14%

14% of total expenses on average (7% to 19%)

LOW$240   370 AUD
AVERAGE$680   1,000 AUD
HIGH$3,700   5,800 AUD
Per Month


Student
Cost of living and expenses break down for students living in Wollongong

Housing20%

20% of total expenses on average (15% to 26%)

LOW$170   270 AUD
AVERAGE$430   670 AUD
HIGH$780   1,200 AUD
Per Month

Utilities, Electricity, Water5%

5% of total expenses on average (3% to 9%)

LOW$29   44 AUD
AVERAGE$72   110 AUD
HIGH$130   200 AUD
Per Month

Transport, Fuel5%

5% of total expenses on average (5% to 11%)

LOW$51   78 AUD
AVERAGE$130   190 AUD
HIGH$230   350 AUD
Per Month

Food and Groceries22%

22% of total expenses on average (16% to 26%)

LOW$140   220 AUD
AVERAGE$360   560 AUD
HIGH$650   1,000 AUD
Per Month

Healthcare8%

8% of total expenses on average (5% to 11%)

LOW$43   67 AUD
AVERAGE$110   170 AUD
HIGH$190   300 AUD
Per Month

Leisure, Shopping4%

4% of total expenses on average (2% to 8%)

LOW$36   56 AUD
AVERAGE$90   140 AUD
HIGH$160   250 AUD
Per Month

Education19%

19% of total expenses on average (12% to 24%)

LOW$140   210 AUD
AVERAGE$340   530 AUD
HIGH$620   950 AUD
Per Month

Other Expenses17%

17% of total expenses on average (11% to 23%)

LOW$110   170 AUD
AVERAGE$270   420 AUD
HIGH$490   750 AUD
Per Month
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