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