This White Rock home would run you $1.3 million, the benchmark price for a home in the city. (Zoocasa)

It could take you 218 years to save up for a house in this B.C. neighbourhood

It would take 27 years in the most affordable city in the Lower Mainland

Are you saving up for a house? Well, better prepare yourself because you could be on a budget for more than 200 years.

That not-so-great news comes from real estate firm Zoocasa, which looked at how long a median-income household would take to save up for a new home if they saved 20 per cent of their salary.

The median income for homes in Vancouver’s West End neighbourhood is $65,327, the firm says, so it would take 218 years to afford a whopping $2.9-million benchmark price detached home.

West Vancouver was the second least affordable area, with a median household income of $89,808 and a timespan of 134 years before one could afford to a $2.5-million detached home.

READ MORE: The priciest home for sale in Canada is a $38M Vancouver penthouse

On the other end of the scale, a Maple Ridge household with a median income of $86,178 would only need to wait 27 years before they could afford a $804,200 detached home, based on the benchmark price.

In Surrey, the fastest growing city in the Lower Mainland, a median household income of $77,494 and benchmark detached home price of $979,767 would leave a family waiting 46 years.

In the more affluent, but also much more expensive South Surrey and White Rock area, a $80,430 median income would entail saving up for 67 years before being able to buy a $1.3 million home.

This is how long it will take you to save up for a detached home in these Lower Mainland cities. (Zoocasa)


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

COVID-19. (Courtesy of CDC).
Interior Health reports 12 additional COVID-19 cases

The total number of cases in the region is now at 644

The house is located near two schools. Photo: Connor Trembley
Dog attack seriously injures young boy in Castlegar

Despite investigating the incident, city staff aren’t confirming if the dog has been put down

Grand Forks City Hall. File photo
Grand Forks city council meeting in brief

Council met at city hall Monday, Oct. 19.

Environment Canada has issued a snow warning for the Kootenays on Friday. File photo
Environment Canada issues snow warning for Friday

Two-to-10 centimetres is expected to fall

Brody Peterson told The Gazette he intends to dispute tickets issued by Grand Forks RCMP at his backyard “house warming” Saturday, Oct. 10. Photo: Laurie Tritschler
Homeowner intends to dispute COVID tickets after backyard party near Grand Forks

Brody Peterson said bands that played at his home shut down before the 11 o’clock cut off

Actor Ryan Reynolds surprised a Shuswap family with a special birthday message to their son who was worried he’d be alone on his 9th birthday on Nov. 24. (Tiffanie Trudell/Facebook)
Ryan Reynolds text almost gives away Shuswap boy’s birthday surprise

Deadpool actor helps remind eight-year-old Canoe resident he’s not alone

Vancouver police reactivated the search for Jordan Naterer Thursday Oct. 22. Photo courtesy of VPD.
Mom of missing Manning Park hiker believes her son is waiting to come home

‘He’s going to come out of a helicopter and say ‘what took you so long?”

Environment Minister George Heyman, Premier John Horgan and Energy Minister Michelle Mungall announce that B.C. Hydro is proceeding with construction of the Site C dam, Dec. 11, 2017. (Tom Fletcher/Black Press)
Site C actions, costs won’t be known until after B.C. election, Horgan says

Peace River diverted for construction of reinforced dam base

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

One of the squirrels who ended up having their tails amputated after getting them stuck together with tree sap. (Facebook/Wild ARC)
Squirrels recovering from tail amputation after sap situation near Victoria

BC SPCA Wild ARC says squirrels will be released back into wild, fifth sibling was euthanized

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

The Anonymous YVR is an Instagram page that reviews restaurants and other establishments around B.C. based on how well they adhere to COVID-19 rules. (Instagram)
Anonymous Instagram page reviews COVID-19 safety measures at B.C. businesses

There are a number of public health orders various types of establishments must follow to slow virus’s spread

Most Read