Orange has the highest average salary in the Central West for the last financial year.
The Local Government Area has an average salary of $64,745 according to data from the latest Regional Australia Institute (RAI) report, Regional Population Growth: Are We Ready.
The report compared salaries around NSW. The average salary in Orange is thousands more than the Dubbo average of $58,229 and just above the Bathurst average of $62,100.
"Across the country, the difference between the two groups are small and generally less than 10 per cent," RAI co-CEO Liz Ritchie said.
The regional population report also compared real estate around NSW and found that many home owners in state capitals were paying double the mortgage but had a similar average wage said RAI co-chief executive officer Dr Kim Houghton.
Find out where in Australia you can pay off the mortgage fastest, using this MOVE graphic below. Story continues after.
"The new research has shown that many workers living in our outer city suburbs could be financially better off if they moved to regional Australia," Dr Houghton said.
RAI unveiled a new tool, MOVE, which lets potential home owners find out which areas in Australia give them the best chance of paying off their mortgage faster.
By combining the average wage of a particular wage Local Government Area (LGA) with the average house price, people can quickly find out where they could pay off their mortgage the fastest.
In inner-Sydney LGA of Randwick where it takes 85 years to pay off a mortgage and the median house price is $2,148,061. If you move just over 250 kilometres away to Orange, the average house price is $419,352 and the average time to pay off that loan is 23 years.
This is cheaper still than the Bathurst LGA where a house will cost $428,307 and will take around 25 years to pay off.
The further west people are willing to move the cheaper and quicker it is to pay off the home loan with Dubbo average house price reaching $353,896 and taking an average 22 years to pay off and in Nyngan the average house price is $142,861 where it takes around eight years to pay the house in full.
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