WORKERS in Colchester need to earn more than £60,000 in order to afford to buy an average home, new figures claim.
The National Housing Federation' Home Truths report states the average price of a home in Colchester is £270,320, while the average wage is £26,515.
The report states the income required to afford the average home is £61,787.
The average rental cost in Colchester is £762.
Meanwhile, the research workers in Tendring need a 108 per cent pay rise to afford an 80 per cent mortgage there.
The federation states an average home in Tendring costs £225,451, which is nine times the mean average salary of £24,794.
The average income required for an 80 per cent mortgage is more than £51,500.
Ciaran Tully, external affairs manager for the National Housing Federation, said: “The housing market has seen a relentless rise in the gap between house prices and people’s salaries.
“Attaining a mortgage is increasingly unrealistic and private sector rents make saving up that bit more difficult.
“As this year’s Home Truths report shows, it is more important than ever for the sector to be able to deliver homes that are truly affordable."
Here's the complete list of Essex towns (and its city!)
Essex £330,000
Basildon £309,000
Braintree £288,000
Brentwood £409,000
Castle Point £300,000
Chelmsford £365,000
Colchester £270,000
Epping Forest £500,000
Harlow £286,000
Maldon £339,000
Rochford £334,000
Tendring £225,000
Uttlesford £433,000
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