{"id":15640,"date":"2018-07-05T15:08:28","date_gmt":"2018-07-05T19:08:28","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=15640"},"modified":"2019-07-08T11:40:56","modified_gmt":"2019-07-08T15:40:56","slug":"what-youll-need-to-earn-to-afford-a-home-in-these-gta-cities-infographic","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/what-youll-need-to-earn-to-afford-a-home-in-these-gta-cities-infographic\/","title":{"rendered":"What You\u2019ll Need to Earn to Afford a Home in These GTA Cities [INFOGRAPHIC]"},"content":{"rendered":"

It\u2019s old news that Toronto real estate prices have outstripped the incomes of many Torontonians; yet the average GTA home price is on the rise again, up 2.4 per cent year over year to $807,871, reports the Toronto Real Estate Board<\/a>.<\/p>\n

However, that number is an aggregate look at all home types \u2013 split out, the lack of affordability is even more defined. With the average detached house now priced at $1,354,429, a household would need to earn $240,000 to afford one.<\/p>\n

Prices also continue to heat for condos which are rapidly losing their reputation as the only remaining affordable entry point to the market. With June prices coming in at a scathing $605,530, a household would need to earn $110,000 to own the average home in the sky.<\/p>\n

Related Read: Where You Can Buy a Toronto Condo for Less than Average<\/a><\/strong><\/p>\n

How Affordable is the GTA?<\/h2>\n

Priced-out buyers have long been urged to seek options in more affordable communities outside the city core \u2013 but which GTA markets remain within the realm of affordability?<\/p>\n

To find out, Zoocasa compiled the average home price in 33 markets tracked by TREB, as well as the minimum income required to afford them, and compared those findings to the median income earned in the region by dual- and single-income households. Affordability was calculated<\/a>\u00a0assuming a 20-per-cent down payment, a 30-year mortgage amortization, and a five-year fixed mortgage rate of 3.29 per cent.<\/p>\n

According to the data, out of the 33 markets, 27 require a household income of at least $100,000 to afford the average-priced home. Only three \u2013 Oshawa, Essa, and Clarington – fall within the affordability range of the median dual-or-more income earning household. None are affordable for a household on the single-median income of $39,560.<\/p>\n

Check out the infographic below for a ranking of affordability in the GTA, from most, to least affordable.<\/p>\n

\"toronto-home-price-salary-affordability-zoocasa\"<\/a><\/p>\n

The 5 Least Affordable GTA Markets<\/h2>\n
    \n
  1. King \u2013 Average Price:<\/strong>$1,403,162 Income required:<\/strong>$209,957<\/li>\n
  2. Oakville \u2013 Average Price:<\/strong>$1,074,250 Income required:<\/strong>$165,088<\/li>\n
  3. Richmond Hill \u2013 Average Price:<\/strong>$1,033,745 Income required:<\/strong>$159,567<\/li>\n
  4. Markham \u2013 Average Price:<\/strong>$974,626 Income required:<\/strong>$151,501<\/li>\n
  5. Toronto Central \u2013 Average Price:<\/strong>$966,088 Income required:<\/strong>$150,337<\/li>\n<\/ol>\n

    The 5 Most Affordable GTA Markets<\/h2>\n
      \n
    1. Oshawa \u2013 Average Price:<\/strong>$515,261 Income required:<\/strong>$88,840<\/li>\n
    2. Essa \u2013 Average Price:<\/strong>$523,418 Income required:<\/strong>$89,953<\/li>\n
    3. Clarington \u2013 Average Price:<\/strong>$532,908 Income required:<\/strong>$91,247<\/li>\n
    4. Orangeville \u2013 Average Price:<\/strong>$560,735 Income required:<\/strong>$95,043<\/li>\n
    5. Brock \u2013 Average Price:<\/strong>$582,455 Income required:<\/strong>$98,006<\/li>\n<\/ol>\n

      \u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

      It\u2019s old news that Toronto real estate prices have outstripped the incomes of many Torontonians; yet the average GTA home price is on the rise again, up 2.4 per cent year over year to $807,871, reports the Toronto Real Estate Board. However, that number is an aggregate look at all home types \u2013 split out, […]<\/p>\n","protected":false},"author":39,"featured_media":15644,"comment_status":"closed","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-15640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-infographics","category-real-estate-news"],"yoast_head":"\nHow Much to Earn to Afford a Home in These GTA Cities | Zoocasa<\/title>\n<meta name=\"description\" content=\"Can you afford a home in these GTA cities? 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