Southern Highlands residents are taking an average of 43 years to pay off their mortgage, compared with those in central Sydney who are taking up to 82 years.
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Data from the Regional Australia Institute (RAI) has revealed the median house price for the Wingecarribee Shire is $799,688.
The average annual income for workers is $66,636, while the unemployment rate sits at 2.40 per cent.
However a move an hour away from the Wingecarribee Shire could put you in the black more than a decade earlier.
Residents in the Goulburn Mulwaree region are taking 16 years less to pay off their mortgage, in an average of 27 years.
The median house price is $446,343 and the average annual income is $58,976.
Meanwhile a move to the Upper Lachlan Shire could also pay off for aspiring home owners, as residents have taken an average of 24 years to completely own their home.
This is due to a median house price of $361,829 and an average annual income of $53,276.
Despite the differences between locations, those with mortgages in the regions appear to be better off than those in Australia's cities.
RAI co-CEO Dr Kim Houghton said new research has indicated that many workers living in outer city suburbs could be financially better off if they moved to regional Australia.
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"Many home owners in our state capitals are paying double the mortgage of their regional city counterparts, but have a similar average wage," Dr Houghton said.
"Australia's population is set to grow by up to 19 million by 2056, with the Sydney and Melbourne to hit megacity status in the next few decades.
"Brisbane and Perth will grow to the size of Sydney and Melbourne today.
"But if we continue with our current geographic patterns of settlement, most of that population will end up in the outer suburbs."
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