{"id":15321,"date":"2018-02-09T16:42:47","date_gmt":"2018-02-09T21:42:47","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=15321"},"modified":"2019-07-08T11:40:58","modified_gmt":"2019-07-08T15:40:58","slug":"how-hard-is-it-to-buy-gta-real-estate-on-one-income-infographic","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/how-hard-is-it-to-buy-gta-real-estate-on-one-income-infographic\/","title":{"rendered":"All the Single Buyers: How Hard Is It to Buy GTA Real Estate on One Income? [INFOGRAPHIC]"},"content":{"rendered":"

Valentine\u2019s Day can be exasperating enough for the romantically uncoupled \u2013 but those looking to make a solo venture in the Greater Toronto Area real estate market have all the more reason to detest Cupid this February, as it\u2019s extra tough to buy a home alone.<\/p>\n

In fact, for someone earning the median single-person household income*, owning a home in even the most affordable GTA housing markets requires more than double the recommended shelter cost.<\/p>\n

All By Myself<\/h2>\n

To find out where stag buyers can get the most bang for their buck, Zoocasa calculated the home-price-to-income ratio in 17 markets tracked by the Toronto Real Estate Board, using the average January 2018 condo price<\/a>** and median income earned in each region. This basic affordability measure indicates how many years of total income it would take to pay for a property; the higher the ratio, the longer the timeline.<\/p>\n

Financial experts commonly recommend that households should not expend more than three times their before-tax income on housing. However, according to the data, the reality is downright heartbreaking: the minimum ratio a single condo buyer can hope to achieve is 7, available in two markets (Milton and Clarington).<\/p>\n

However, the recommended housing spend remains a tall order, even for two-or-more-income households; only three regions satisfy the ratio of 3, and 10 hover just above 4.<\/p>\n

Related Read: These Toronto Neighbourhoods are Now Buyers\u2019 Markets<\/a><\/strong><\/p>\n

\u00a0<\/strong>Independent Buyer<\/h2>\n

\u00a0<\/strong>Check out the infographic below to see which GTA condo markets offer the best affordability for single- and dual-income households.<\/p>\n

\"Buying<\/a><\/p>\n

The Most and Least Affordable Markets for Single Condo\u00a0Buyers<\/h2>\n

Best five regions for single condo buyers (condo price to one-person median income ratio is 7 or under):<\/strong><\/p>\n

    \n
  • Milton: 7 (average condo price $393,429, median one-person income: $54,184)<\/li>\n
  • Clarington: 7 (average condo price\u00a0$313,997, median one-person income: $46,277)<\/li>\n
  • Ajax: 8 (average condo price\u00a0$376250,\u00a0median one-person income: $46,407<\/li>\n
  • Brampton: 8 (average condo price\u00a0$347677,\u00a0median one-person income: $41,735<\/li>\n
  • Whitby: 8 (average condo price\u00a0$369075,\u00a0median one-person income: $44,566)<\/li>\n<\/ul>\n

    Worst six regions for single condo buyers (condo price to one-person median income ratio is 11 or higher):<\/strong><\/p>\n

      \n
    • Toronto Central: 16 (average condo price\u00a0$616,322, median one-person income: $38,018)<\/li>\n
    • Markham: 12 (average condo price\u00a0$495,439,\u00a0median one-person income:\u00a0$40,480)<\/li>\n
    • Richmond Hill: 12 (average condo price $439,237,\u00a0median one-person income:\u00a0$37,862)<\/li>\n
    • Vaughan: 11 (average condo price $443,914,\u00a0median one-person income:\u00a0$40,964)<\/li>\n
    • Toronto West: 11 (average condo price $434,178,\u00a0median one-person income:\u00a0$38,018)<\/li>\n
    • Oakville: 11 (average condo price $527,214,\u00a0median one-person income:\u00a0$48,604)<\/li>\n<\/ul>\n

      *Sources: The total median income of one-person and two-or-more-person households by GTA region were sourced from Statistics Canada. **Average January 2018 condo prices for GTA regions were sourced from the Toronto Real Estate Board.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

      Valentine\u2019s Day can be exasperating enough for the romantically uncoupled \u2013 but those looking to make a solo venture in the Greater Toronto Area real estate market have all the more reason to detest Cupid this February, as it\u2019s extra tough to buy a home alone. In fact, for someone earning the median single-person household […]<\/p>\n","protected":false},"author":39,"featured_media":15330,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1114,1107,33],"tags":[],"class_list":["post-15321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-infographics","category-real-estate-news"],"yoast_head":"\nHow Hard Is It to Buy GTA Real Estate on One Income?<\/title>\n<meta name=\"description\" content=\"Just how hard is it to buy GTA real estate on one income? 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