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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