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Vancouver Might Have Just Cracked the Housing Crisis (www.nytimes.com)

submitted 3 months ago by Wudi@feddit.uk to c/britishcolumbia@lemmy.ca

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[–] rekabis@lemmy.ca 11 points 3 months ago* (last edited 3 months ago) (1 children)

One way to judge the depth of a housing crisis is to compare the median household income to the median home price. It’s a measure of how many years of labor are required to buy a house, and anything more than three years is generally considered unhealthy. […] For Vancouver, it was [11.8 years]

HAHAHAHAHAAAAAA… NO.

Median Vancouver household income: $80,000
Median Vancouver home: $1,400,000
Ratio: 17.5 years

It’s even worse when you look at median individual income, about $45,000, which puts the ratio at 31 years.

31 years. And then all the boomers and GenX bitch about the younger generations “failing to launch”.

[–] wampus@lemmy.ca 2 points 3 months ago

Where are you pulling your numbers from, exactly? The average income is far higher based on most stats I've seen, especially post pandemic. Median household incomes are closer to $110k-$120k. Individuals, its around $62-65k -- in vancouver, that's closer to $72k.