Housing Affordability Canada

housing affordability canadaWe came across an incredible study and have been using it in discussions with our clients as well as in our Chamberlain University Classes. Zoocasa came out with this affordability study that took a look at major cities across Canada and the United States and compared what the average cost of living is for these major cities. They did use the US Dollar in all comparisons to make it equal. But if you look at the charts, Calgary Alberta is the most affordable place to live in North America. 

Here are the 5 Most Affordable Housing Markets in North America

  1. Calgary, AB
    Median home price: $300,752 ($400,000 CAD)
    Required income: $42,885 ($57,037 CAD)
    Actual median income: $73,183 ($97,334 CAD)
    Income surplus: $30,298 ($40,297 CAD)
  2. Oklahoma City, OK
    Median home price: $145,000
    Required income: $25,200
    Actual median income: $51,581
    Income surplus: $26,381
  3. Columbus, OH
    Median home price: $156,550
    Required income: $27,204
    Actual median income: $49,478
    Income surplus: $22,274
  4. Indianapolis, IN
    Median home price: $154,900
    Required income: $26,916
    Actual median income: $44,709
    Income surplus: $17,793
  5. Charlotte, NC
    Median home price: $239,500
    Required income: $41,616
    Actual median income: $58,202
    Income surplus: $16,586

Here is the document that Zoocasa created. What amazes us is the number in the far-right column that shows the income surplus and how some cities like San Fransico and Vancouver continue to thrive based on this data. Interesting to say the least! 

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