Economy, Business And Markets

Housing Costs Top Household Expenditure

Housing Costs Top Household ExpenditureHousing Costs Top Household Expenditure

Housing accounted for the largest portion of expenses of urban households during the previous fiscal that ended in March.

Central Bank of Iran Monday published the annual report on household  income and expenses, showing that 35% of household income in urban areas was used for “housing, water, electricity and energy” expenses during the year or a 12.4% growth compared with the prior year.

On a positive note, urbanites experienced a 12.3% growth in their average gross annual income in the said period, according to the central bank. But family expenses grew by 7.3% on average last year.

Share of “restaurant and hotel,” and “healthcare,” categories in  expenses posted 13% and 8% growth respectively, the report says.

According to CBI data, 65% of families in cities own their own homes, whereas 25.2% of them are living in rented houses. About 9% of families were living in free housing units as of last year.

Numbers also show that three-bedroom housing units accounted for 47.5% of total houses in urban areas.

Families in urban areas had 3.38 members on average , “less than the previous years.” Four-member families accounted for 29% of the total.

The CBI surveyed 12,700 families for the report.