Results of a poll at Seattle Bubble (27 Nov 2011):
If your household income were $100,000, how expensive a home would you be comfortable buying?
- Under $150k (2%, 7 Votes)
- $150k to $199k (10%, 33 Votes)
- $200k to $299k (33%, 111 Votes)
- $300k to $399k (36%, 120 Votes)
- $400k to $499k (12%, 41 Votes)
- $500k to $599k (4%, 13 Votes)
- $600k to $699k (1%, 4 Votes)
- $700k or above (2%, 5 Votes)
Hat-tip to Jeff Murdock, for pointing out this poll. Jeff adds “This from the country where you can lock in a mortgage at <4% for 30 years, and where your interest payments are tax deductible, and from the state with no state income tax.”
In Seattle, 69% of people would feel comfortable buying a house in the $200K to $399K range with a family income of $100K.
In Vancouver, family incomes average somewhere between $73K – $83K, and the average detached bungalow sells for $820K [RBC pdf].
- ed.
Any comments on the best sources to use for ‘average Vancouver household income’ and ‘average Vancouver house’ appreciated.
VREAA: http://www.metrovancouver.org/ABOUT/STATISTICS/Pages/KeyFacts.aspx
VREAA: here’s the income info:
http://www.metrovancouver.org/about/publications/Publications/AverageandMedianHouseholdIncomebyMunicipality.pdf
Average household income (2006) $73K, median $55K
Thanks, M.
Wimps
if I lived in Seattle nnd my household income were 100K I might look for something in the 400K range.
if I lived in Vancouver and my household income were same I’d be looking to spend a lot more money if I wanted a realistic chance at owning
.. makes you think, eh?
if I lived in Seattle nnd my household income were 100K I might look for something in the 400K range.
if I lived in Vancouver and my household income were same and I wanted a realistic chance at owning I’d be looking to move to Seattle.
Yep.
Am just seeing the first evidence that the implications of your comment versus Eyestheformulustyblo’s is starting sink in with at least a couple people who remain bullish on Vancouver real estate but are starting to more closely examine the consequences of those prices. Perhaps firsthand experience with people preparing to leave while citing the cost of living can change one’s perspective, particularly when those are people one is presently counting on.
Hey eyesthebye/Formula1/rusty/diablo, what does a middle-aged, hockey card-collecting social worker earn these days?
Lay off social workers dickweed.
I like social workers; they do good, important work. I don’t like ones like eyesthebye who troll under multiple aliases, purport to know everything about real estate, economics, development policy, immigration policy, etc. and think they’re geniuses because their house happens to have appreciated during a real estate bubble.
My apologies, I thought you were just using the term as part of your description.
Seattle is voted as the most depressing place in US. Vancouver prides itself on being the best place on earth, which means it’s also the best place in Canada. Hence the price difference. You have to pay up to live here lor!
Ayah Vancouver buyers cra-zee lah. Cannot tahan. Moving.
rain discount becomes premium as you cross border to bizzaro land – anyone ever notice there is about 1/2 mile deadspot in cell coverage just on the can side?
more bizarro land curiosities – 3 lane long span bridges, higher gas prices in the petroleum exporting nation, single uncompetitively high-priced car ins co and everyone’s ok with it, general lack of traffic in-city light logic leading to van drive shuffle look right – step right – step back left, look right – step right – step back left, again. it’s a life skill useful for dodging senior carts in the grocery aisle, left lane bandits on interstate freeways and people too slowly deciding if they want fries
maybe because too many people complain about having cellphone towers in their neighborhood, especially on the young, think of the young innocent kids! However they still want excellent cell phone coverage service in the area, just no cellphone towers. Makes perfect logical sense?!
“If your household income were $100,000, how expensive a home would you be comfortable buying?”
None of the above choices they are all terrible value for the money, like here in the “best place on Earth”.