How long you'd need to save up to buy a home in Halton on a median income
If you plan on asking Santa for more affordable housing in Halton this holiday season, you might end up disappointed—at least when it comes to detached and semi-detached homes.
While we can all hope for some future relief, we know that housing is expensive right now—and real estate website and brokerage Zoocasa has broken down exactly what you’d need to save to buy a home in Halton Hills, Burlington, Oakville, and Milton on a median income.
Housing for condo apartments and townhouses is relatively affordable in Halton Hills—the median price for condo apartments and townhouses in Halton Hills is $485,000 and $372,950 respectively, which means it would take 1.1 years for median earners to be able to afford to pay for a downpayment on a condo and 0.9 years for a townhouse.
By comparison, it would take median earners approximately five years of saving to be able to pay for the down payment on a semi-detached house in Halton Hills, and 19.2 years for a detached house.
In Burlington, the median income is $93,588, and the median price of a condo apartment is $424,000. This means, assuming prospective buyers get approved for the maximum mortgage of $418,912, they would only need to save for 1.1 years to be able to pay for a down payment.
However, when it comes to townhouses, semi-detached, and detached houses, it would take much longer for median earners in Burlington to save up enough money—six years for a townhouse, 18.2 years for a semi-detached, and 29.4 for a detached.
Both condo apartments and townhouses are realistic options for median earners in Milton (the median income is $104,730). Assuming they qualify for the maximum mortgage, it would take them 1.2 years to pay for the down payment on a condo apartment, and 2.5 years to pay for the down payment on a townhouse.
However, detached and semi-detached homes are much less affordable, and it would take median earners 12.8 years of saving to pay for the down payment for a semi, and 20.8 years to pay for the down payment for a detached, assuming they qualified for a maximum mortgage in both instances.
In Oakville, the median income is $113,666, and median earners wouldn’t have to save for 1.1 years to pay for the down payment for a condo apartment, and 1.2 years for a townhouse.
Similar to the other three cities in Halton, Oakville median earners would have to wait much longer to be able to pay for the down payment for a detached and semi-detached home—16.4 and 34.8 years respectively.
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