Two decades to save for a home for renters in Oakville, Burlington, Milton
Published February 23, 2023 at 12:49 pm
It costs a lot to become a first-time homeowner and, as we continue to learn, it’s more expensive than average in Oakville, Burlington and Milton.
The first year of home ownership, with an array of upfront and annual recurring costs, is not just challenging but also daunting, especially for first-time home buyers.
Handling the closing costs, down payment, mortgage, property tax, and insurance is more financially doable in some cities than in others.
A report by Point2homes looked at how long it would take the average renter to save for a new home purchase. Oakville, Burlington and Milton are all among the Top 10 in Canada.
In Oakville, based on the average annual renter income of $70,381, and assuming you’ll be able to save 20 per cent ($14,076 annually), it will take 20 years to cover the upfront expenses and annual recurring costs of home ownership. That’s third highest in Canada, behind only Richmond Hill and Markham.
Burlington is tied for fifth on the list, at 17 years, and Milton is tied for ninth at 16 years.
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For the full list, visit Point2homes.com.
