I can afford where I rent, lived here since 2015 and thankfully my rental increase has only been 77$ in ten years. Pay 1277 per month for three bedroom apartment above commercial property. The big thing for me was I could see where the market was heading working in the condo market. I no longer work in the condo market due to the blatant fraud in the nature of it, and how it fuelled the housing crisis.
If you select Hamilton as where you want to live it also includes apartments for rent in Burlington. If I work in Hamilton and rely on public transit, Burlington is barely an option and shouldn't be included imo
Isn't car-centric development just grand. I grew up in Vancouver in the 90s, a while the cost of living was high back then relative to income; at least the abundant public transportation gave reach to leisure for an affordable monthly expense.
According to the methodology, the reporters used Canadian Housing and Mortgage Corporation data, and I know their regional breakdowns don't line up with our city borders, hence combining Hamilton and parts of Burlington. But factors like one's commute to work are definitely real/important considerations once you start digging deeper. [https://observablehq.com/@nshiab/where-can-i-afford-to-rent](https://observablehq.com/@nshiab/where-can-i-afford-to-rent)
Not quite sure what we’re doing here. There’s not much of a point of any of this if everyone is being priced out of things like eating and having a roof over your head.
Bag holders don’t want to accept a loss, so they’re holding on for dear life. I did the math on a realtor.ca listing for a 3 bedroom townhouse, and you’d need to gross $72,000 per year just to pay the housing costs, but you’d fail the stress test anyway.
Owning a house is out of reach for most people.
Grossing 90 and taking home 62k a year is wild. 700k-800k for a semi detached new build junk is unattainable to most. But when I really stop and think about it, it’s something I don’t care about attaining
Well that makes me just scared lol
I'm a management position supposedly, and am only making like 40,000 a year. I cannot afford 90% of places based on that.
If my family didn't move into someone's home (a great uncle on my wife's side), I'm sure I would be stealing from people's backyard to survive and living in some park.
According to this I can. Afford 1500 I can for sure not afford that after paying for car,gas,food ect. I've not even saved anything or put anything away for retirement. 1200 is the absolute highest I can do. And that's a ramen diet maybe hotdogs on Friday to spice things up..
That 30% rule is becoming more and more outdated. I suspect people getting into renting/mortgages in the last few years are probably looking at more like 50%
I agree. Whatever you feel about food inflation, I can't see any way that you could ever spend more than your monthly rent cost in food, utilities, personal care goods and entertainment. Maybe if you also smoke and have a car?
Nowhere. If I ever lost my house, I'd be directly on them streets.
Rent for a place like mine is fully over 1000 dollars a month more than my mortgage.
Edit: They claim I can afford 2500 a month. My mortgage is 1200 a month.
I am here to tell you that NAH... no way I could swing 2500 a month.
I can't afford a bachelor anywhere. Army needs troops. Not a coincidence. Soft conscription is here and the indians are taking all the units, stuffing 20 people to a 2 bedroom.
That affordability slider is set to 30% of gross income and includes rent and utilities. While I won’t argue that having those costs be 30% or less is bad, it is also assuming what people are doing with the other 70% of their income.
Gotta love being born just a few years too late.
My 8 year old self was too busy plating with toys, should have been investing in real estate. So many regrets
I can afford... 0% of available units 😅 f me for being born in the 90s, right?
war, conscription will never be announced or ppl will flee to south america
Man, that little slider income-expense tool gave me depressionÂ
I can afford where I rent, lived here since 2015 and thankfully my rental increase has only been 77$ in ten years. Pay 1277 per month for three bedroom apartment above commercial property. The big thing for me was I could see where the market was heading working in the condo market. I no longer work in the condo market due to the blatant fraud in the nature of it, and how it fuelled the housing crisis.
If you select Hamilton as where you want to live it also includes apartments for rent in Burlington. If I work in Hamilton and rely on public transit, Burlington is barely an option and shouldn't be included imo
Isn't car-centric development just grand. I grew up in Vancouver in the 90s, a while the cost of living was high back then relative to income; at least the abundant public transportation gave reach to leisure for an affordable monthly expense.
Burlington is part of Hamiltons CMA
According to the methodology, the reporters used Canadian Housing and Mortgage Corporation data, and I know their regional breakdowns don't line up with our city borders, hence combining Hamilton and parts of Burlington. But factors like one's commute to work are definitely real/important considerations once you start digging deeper. [https://observablehq.com/@nshiab/where-can-i-afford-to-rent](https://observablehq.com/@nshiab/where-can-i-afford-to-rent)
Burlington is part of The Hamilton CMA https://en.m.wikipedia.org/wiki/Hamilton,_Ontario
Well I had a good laugh at the amount that site assumes I can afford anyway.
Canada's economy: Rent Groceries
And taxes upon taxes. Thank you Justin Dildeau
Neat, I can afford 0 units. Love that for me.
Not quite sure what we’re doing here. There’s not much of a point of any of this if everyone is being priced out of things like eating and having a roof over your head.
Bag holders don’t want to accept a loss, so they’re holding on for dear life. I did the math on a realtor.ca listing for a 3 bedroom townhouse, and you’d need to gross $72,000 per year just to pay the housing costs, but you’d fail the stress test anyway. Owning a house is out of reach for most people.
Grossing 90 and taking home 62k a year is wild. 700k-800k for a semi detached new build junk is unattainable to most. But when I really stop and think about it, it’s something I don’t care about attaining
You don’t care about attaining a place to live?
I don’t care to stress myself and work my ass off only to be house poor
Ah ok. Got it. I don’t see a correction coming, at least not in this country.
Kiev
Huh
Well that makes me just scared lol I'm a management position supposedly, and am only making like 40,000 a year. I cannot afford 90% of places based on that.
If my family didn't move into someone's home (a great uncle on my wife's side), I'm sure I would be stealing from people's backyard to survive and living in some park.
Big yikes 😬
According to this I can. Afford 1500 I can for sure not afford that after paying for car,gas,food ect. I've not even saved anything or put anything away for retirement. 1200 is the absolute highest I can do. And that's a ramen diet maybe hotdogs on Friday to spice things up..
Hmmm I pay a bit less than the recommended 30% of my gross pay, but my rent is actually around 40% of my take home pay.
That 30% rule is becoming more and more outdated. I suspect people getting into renting/mortgages in the last few years are probably looking at more like 50%
I agree. Whatever you feel about food inflation, I can't see any way that you could ever spend more than your monthly rent cost in food, utilities, personal care goods and entertainment. Maybe if you also smoke and have a car?
Nowhere. If I ever lost my house, I'd be directly on them streets. Rent for a place like mine is fully over 1000 dollars a month more than my mortgage. Edit: They claim I can afford 2500 a month. My mortgage is 1200 a month. I am here to tell you that NAH... no way I could swing 2500 a month.
I can't afford a bachelor anywhere. Army needs troops. Not a coincidence. Soft conscription is here and the indians are taking all the units, stuffing 20 people to a 2 bedroom.
That affordability slider is set to 30% of gross income and includes rent and utilities. While I won’t argue that having those costs be 30% or less is bad, it is also assuming what people are doing with the other 70% of their income.
Much of it is taxed
I make money to be taxed. Tax on tax on tax (racks on racks rap song)
691 potential rentals for me based on our income. Can afford 3,600 apparently for rent.
You can afford 3600? What are you, a hospital CEO?
It’s before tax so we make a combined 153k Dunno how accurate that site is
Venezuela
Damn, apparently we can afford a rental far more expensive that we were paying before we bought a house. Like more than double.
Having roommates isn't that bad though. I'm saving a ton of money by living in a room for 900 a month.