Wanted: Life partner for house buying

Ask the average single person what potential benefit there might be in hooking up with a significant other, and they probably won’t say ‘‘buying a house’’.

But while it’s not a very romantic proposition, new data shows that, for many people, finding someone they can tolerate enough to share a 30-year debt with may be key to whether they ever own the roof over their heads.

Figures from financial comparison website RateCity.com.au shows that Invercargill is now the only city in New Zealand that could be considered ‘‘affordable’’ for a single person.

There, an annual income of $38,352 is required to service the mortgage on a median-priced house.

Across the country, the average household income required to service the mortgage on a medianpriced house is $76,720.

That would allow the buyer to remain within traditionally accepted affordability measures of no more than 30 per cent of income going on housing costs.

But it compares to a median income for full-time workers of about $51,000.

In 2015, 34.6 per cent of all sales in Auckland were purchased with one person on the title.

The figure is lower in the rest of the country – at 31.4 per cent solo buyers.

Having two people on the title is the most common form of ownership – 55 per cent in Auckland for 2015 and 57.9 per cent around the rest of the country.

Data insights director Peter Arnold said the cost of servicing a mortgage put the dream of owning a property well out of reach for the average buyer.

‘‘First-home buyers will be forced to look at alternative ways to break into the property market, particularly if they’re doing it on their own. This may mean teaming up with friends or family to secure a home, or taking on a second job to supplement your income,’’ he said.

‘‘The unfortunate reality is that for most people going it alone, owning a home could be a long way in the future.’’

Mortgage broker Bruce Patten said he still saw plenty of single people applying for mortgages.

‘‘But sadly in this extremely expensive market it is getting more difficult for them to purchase on a single income, however what we are finding more often is that single people are pairing up with friends or family as a means of being able to purchase, so that they have the dual incomes required to purchase in the area they want to live,’’ he said.