$97,000 in household income needed to buy a house in Niagara Region
Published March 20, 2023 at 11:06 am
When real estate analysts, Zoocasa, looked at 20 housing markets across Canada ranking them on affordability, like most of Ontario, Niagara Region didn’t fare well.
The median home price in Niagara was pegged at $627,500, meaning to afford buying it, the household income would have to be $97,013 annually.
Unfortunately, their study also pegged the annual median income in Niagara at $87,510 – almost $10,000 short of the amount needed to buy a house.
That said, of Ontario markets, only two fared well. Both Ottawa and London-St. Thomas showed more annual income coming through the front door than was needed to buy the homes attached to those doors.
The general message of the study was that moving to the Maritimes and out west was the best bet for home ownership.
The median income in Regina is $106,340, well above the required income of $47,963 to buy a house at the average price of $310,200.
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Saskatoon also sees greater affordability, where the average home price of $372,400 requires an income of $57,563 to buy, with a median income around $102,830.
On the East Coast, Saint John, New Brunswick average home price of $268,400 requires an income of $41,513, with the median income more than double that at $89,750.
In Newfoundland and Labrador, the median income of $85,800 can comfortably afford the average home price of $276,700, where an income of only $42,788 is required.
For a full look at the Zoocasa study, check HERE.
