Another housing-affordability study has placed the City of Vancouver in its top spot.
“With a median home sale price of $1,108,345 and a median family income of $63,944, Vancouver is the most unaffordable market in North America, more so than other expensive housing markets such as Manhattan and San Francisco,” reads a summary of the analysis.
The study by Point 2 Homes compared affordability in 50 cities in Canada, the United States, and Mexico. (New York City’s five boroughs were calculated as separate cities.)
Researchers looked at incomes and home prices to calculate affordability.
“With its insane affordability gap, Vancouver exceeds even notoriously inaccessible Manhattan, and all other North American markets,” the summary reads.
“Although homes in San Francisco and Manhattan are more expensive than those in Vancouver, with median selling prices of $1,275,000 and $1,207,500, respectively, a lower median income is what makes Vancouver’s affordability index higher than that of the two U.S. cities.”
Point 2 Homes ranked the 50 cities it examined on the basis of their “median multiples”. A median multiple is a relatively simple calculation based on a city’s median price for a home divided by a city’s median annual household income (before tax).
Vancouver’s median multiple was calculated as 17.3.
Manhattan and San Francisco took the second and third spots, respectively, with median multiples of 15.6 and 13.8.
Brooklyn ranked fourth, following by Los Angeles, Boston, San Jose, Seattle, San Diego, and then Queens in position number 10.
Toronto ranked twelfth, with a median multiple of 7.5.
The study’s summary describes Vancouver as “in a league of its own”.More