May 17, 2018 1:23 pm

Home price-to-income study highlights Hamilton’s home affordability challenge

A Zoocasa comparison of home prices and income in Hamilton, ranks the city near the bottom in Ontario in terms of affordability.

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Another study is highlighting the growing issue of home affordability in Hamilton.

This time, it’s a study by real estate website Zoocasa that compiled home price-to-income ratios for 21 of the province’s major markets.

On that basis, Hamilton ranked as the second-least affordable city for homeownership in Ontario, ahead of only Greater Toronto.

Thunder Bay, Sudbury and Windsor ranked as most affordable based on those same criteria.

READ MORE: Housing affordability the worst it’s been in 27 years. Here’s a cross-Canada look

READ MORE: Hamilton real estate following slow GTA trend

Hamilton’s rating measures an average home price of $569,490 in April 2018, with home prices provided by the Canadian Real Estate Association (CREA).

The home prices are weighed against a median dual income of $94,697 and a median single income of $36,460 in Hamilton, using median household incomes from Statistics Canada.

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