For a significant proportion of Australians, owning a home in their lifetime is becoming a dream. Australians spend about one-fifth of their income on the cost of housing or renting a home. The Australian Bureau of Statistics has published the following flowchart giving information on home ownership based on data from a 2011–12 survey. Based on the data provided:

a What proportion of households are renters?

b What proportion of households is renters from the state housing authority?

c Find the probability that a household selected at random will be living in a private rental property.

d Find the probability that a household selected at random is a homeowner without a mortgage.

e What is the probability that a renter household selected at random is living in a house owned by the state housing authority? Consider the homebuyers who bought their houses in the last three years.

f What proportion of the recent homebuyers are changeover buyers?

g What proportion of the recent homebuyers are first home buyers?

h Given that the selected household bought a new home, find the probability that the household is a changeover buyer.

i Given that the selected household bought an established home, find the probability that the household is a first home buyer.

From these probabilities and the data, discuss the characteristics of Australian homebuyers and renters.

 

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Owners without a mortgage 2 663 156 Daners with a mortgage 3 155 687 Total number of households B 630 420 State housing authority 338 197 Renters 2614 218 Private landlord 2 164 482 Other tenure 197 367 Other landlord 111540 Owners without a mortgage 2 663 156 Daners with a mortgage 3 155 687 Total number of households B 630 420 State housing authority 338 197 Renters 2614 218 Private landlord 2 164 482 Other tenure 197 367 Other landlord 111540

Answer rating: 100% (QA)

a What proportion of households are renters In reference to the data released by the Australian Bureau of Statistics 30 of households were renters in 20112012 This was a slight increase from 29 in 200... View the full answer