How Much Money Do You Need to Buy a House?
John Charbonneau
other
Very interesting map. It takes the average home price by area, and assumes a purchase price with 20% down and calculates the approximate home income required to qualify for the mortgage. For example in Richmond the average home price is $1,669,900 and the required income would be $230,000. The average household income is Richmond is $58,000 This means to buy this type of home, you would need to earn almost 4 times the average family income to qualify for a mortgage with 20% down. Pretty obvious to me that the average person buying a home in Richmond has way more than 20% downpayment. It does emphasize how tough it is to get into any local market with a small downpayment.
If you are interested in looking at the full map that shows more communities in the lower mainland and the average income per community, email me and I can send you the information and larger map.
John Charbonneau
604-818-2840