{"id":15969,"date":"2018-11-22T01:00:35","date_gmt":"2018-11-22T06:00:35","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=15969"},"modified":"2018-11-22T09:34:20","modified_gmt":"2018-11-22T14:34:20","slug":"affordable-london-real-estate","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/affordable-london-real-estate\/","title":{"rendered":"These are the Most Affordable London, Ontario Real Estate Markets [REPORT]"},"content":{"rendered":"

Thinking of browsing homes for sale in London, Ontario<\/a>? Here\u2019s some news that\u2019ll put a smile on both existing homeowners\u2019 and prospective buyers\u2019 faces: while home values have surged by double digits across the region, the salary required to buy a home is still below actual earnings in the region, making the London area one of the most affordable in southern Ontario.<\/p>\n

Recent data compiled by Zoocasa<\/a>\u00a0finds home prices have shot up between 11 \u2013 24% year over year across the Elgin, London, Middlesex, Strathroy and St. Thomas regions. However, unlike pricier markets located within the Greater Golden Horseshoe, a buyer earning the median household income would still be able to afford the average-priced home in any of these counties.<\/p>\n

Incomes Are In Line With Rising Home Prices<\/h2>\n

To calculate how home prices compare to incomes, Zoocasa crunched the minimum income required to qualify for a mortgage for the average-priced home in each area (as reported by the London St. Thomas Association of Realtors), assuming a 20% down payment, a mortgage rate of 3.33%, and a 30-year amortization. That amount was then compared to the actual median household income earned in each region, according to Statistics Canada.<\/p>\n

The findings reveal that buyers in London East with the median household income in the city of $62,011 will find themselves in the most comfortable financial position when perusing houses for sale<\/a>, earning 46% more than they\u2019d actually need to purchase the average-priced home of $311,954, despite values increasing 25% from 2017.<\/p>\n

That\u2019s followed by the St. Thomas market, where median-income earners of $61,888 would have a 44% surplus on the average-priced home of 315,464, which rose 12% from last year.<\/p>\n

Rounding out the most affordable top three is Strathroy, where the median income is $66,123, 37% higher than what\u2019s needed to qualify for the average $354,854 home, which increased 23% year over year.<\/p>\n

London an Affordable Option for Ontario Home Buyers<\/h2>\n

That\u2019s in sharp contrast to the priciest Ontario markets<\/a>; in nine throughout the province, buyers actually face a steep income gap between earnings and average home prices. For example, those trying to purchase a home in Richmond Hill on the median household income would fall short by $47,972, followed by Toronto with a gap of $41,282.<\/p>\n

As well, London buyers benefit from relatively low land transfer tax<\/a>\u00a0–\u00a0unlike the City of Toronto, there is no municipal LTT, and the majority of average home prices fall below $368,000, meaning many first-timers will\u00a0not pay\u00a0for this closing cost altogether.<\/p>\n

Check out the infographics below to see how real estate affordability ranges throughout the London, Ontario region.<\/p>\n

\"zoocasa-london-home-affordability\"<\/a><\/p>\n

\"zoocasa-elgin-county-home-affordability\"<\/a><\/p>\n

\"zoocasa-middlesex-county-home-affordability\"<\/a><\/p>\n

\"zoocasa-st-thomas-home-affordability\"<\/a><\/p>\n

\"zoocasa-strathroy-home-affordability\"<\/a><\/p>\n

Methodology<\/em><\/span><\/p>\n

Average home price is sourced from the London St. Thomas Association of Realtors. The salary required is based on a 20% down payment, a mortgage rate of 3.33% and a 30-year amortization and was calculated using the Ratehub mortgage calculator (https:\/\/www.ratehub.ca\/mortgage-affordability-calculator). Carrying costs such as property taxes and heating were not included.\u00a0<\/em>Median household incomes are sourced from Statistics Canada.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Thinking of browsing homes for sale in London, Ontario? Here\u2019s some news that\u2019ll put a smile on both existing homeowners\u2019 and prospective buyers\u2019 faces: while home values have surged by double digits across the region, the salary required to buy a home is still below actual earnings in the region, making the London area one […]<\/p>\n","protected":false},"author":39,"featured_media":15983,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1107,33],"tags":[],"class_list":["post-15969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-real-estate-news"],"yoast_head":"\nMost Affordable London, Ontario Real Estate Markets | Zoocasa<\/title>\n<meta name=\"description\" content=\"What are the most affordable London real estate markets? 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