This is how much a standard households needs to earn to cover their mortgage every year

New analysis has revealed just how much average homebuyers need to fork out of their earnings every year just to meet their payments.

According to finder.com.au the costs on a typical family home works out to $2798 a month or almost $650 a week.

It calculated common expenses for homeowners including mortgage repayments, utility bills, water bills, council rates and building and contents insurance. It also included phone and internet expenses.