June 12, 2018

What You’ll Need to Earn to Buy a Home in These Hamilton Neighbourhoods [INFOGRAPHIC]

Posted by under Infographics, Real Estate News
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For many prospective home buyers, seeking out real estate in further regions of the Greater Golden Horseshoe presents a golden opportunity; not only do these markets typically offer vibrant local neighbourhoods, residential communities, and connection to the regional Go Transit system, but they’re relatively much more affordable that nearby major municipalities.

Related read: The Most Affordable Place to Buy a Home on the GO Transit Line

Demand has become particularly heated for the city of Hamilton – located along the shore of Lake Ontario, this former steel town is now known for its burgeoning “eds and meds” workforce, access to outdoor lifestyle, and increasingly hip downtown neighbourhoods.

It also boasts considerable affordability: the average home price in the Hammer clocked in at $567,776 in May, requiring an annual income of $90,179 (roughly an income bracket higher than the median household income of $75,464 in the region).

That’s compared to the approximately $117,000 you’d need to afford the average price of $726,897 for Mississauga homes for sale, $114,000 to own a Brampton home at $708,944, or the steep $138,000 to own the average-priced home in the City of Toronto, at $861,970. It’s no wonder those looking for more space are flocking to Hamilton houses for sale, or checking out condos by its pristine waterfront.

What It Costs to Buy a Home in These Hamilton Neighbourhoods

However, Hamilton is made up of widely diverse neighbourhoods, with some offering better value than others. To illustrate which Hamilton neighbourhoods are most affordable, Zoocasa compiled May 2018 home price reported by the Hamilton-Burlington Real Estate Board.

Using RateHub’s Affordability Calculator, and assuming a 20 per cent down payment made, the following infographic ranks Hamilton neighbourhoods from most affordable, to least:

hamilton-neighbourhood-home-affordability-zoocasa

Top 5 Most Affordable Hamilton Neighbourhoods

  • Hamilton Centre: Average home price – $371,111; Income required – $63,946
  • Hamilton East: Average home price – $385,044; Income required – $65,847
  • Dunnville: Average home price – $441,138; Income required – $73,489
  • Caledonia: Average home price – $487,160; Income required – $79,882

Least 5 Affordable Hamilton Neighbourhoods

  • Flamborough: Average home price – $936,961; Income required – $141,542
  • Ancaster: Average home price – $785,654; Income required – $120,492
  • Burlington: Average home price – $774,893; Income required – $119,025
  • Waterdown: Average home price – $675,519; Income required – $105,470
  • Dundas: Average home price – $580,697; Income required – $92,535
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About Penelope Graham

Penelope Graham is the Managing Editor at Zoocasa. A born-and-bred Torontonian and quintessential millennial, she has over a decade of experience covering real estate, lifestyle and personal finance topics. When not keeping an eye on Toronto's hot housing market, she can be found brunching in one of the city's many vibrant neighbourhoods. Find her on Twitter at @pjeg14.