Hamilton now third least affordable housing market in North America, according to study - Hamilton | Globalnews.ca (2024)

The director of a charity that procures affordable homes in the Hamilton says he’s not surprised a new study has put the city third on a list of 20 North American cities with the least affordable housing.

Hamilton now third least affordable housing market in North America, according to study - Hamilton | Globalnews.ca (1)

Graham Cubitt, director of projects and development at Indwell, says the news is “shocking” but “sadly not surprising.”

“As Hamiltonians we like to think of ourselves as an affordable city, but everybody knows that we actually are not nearly affordable enough anymore for most people who live here,” Cubitt said.

“And it’s happened so quickly that I think it’s reshaping our own thinking of ourselves.”

Oxford Economics North America Housing Affordability Indices (HAIs), which measures home prices relative to a median household income, says Hamilton’s index checked in at 1.5 in the first quarter 2021 report, ahead of the country’s average of 1.34.

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Hamilton now third least affordable housing market in North America, according to study - Hamilton | Globalnews.ca (2)

The number suggests a home in the city is 50 per cent more expensive than the median-income a Hamilton household could afford. For Canada, a home was 34 per cent more expensive.

Canada’s index rose about five percentage points year over year as higher prices were only partially offset by historically low mortgage rates.

The indicator puts Hamilton on par with Toronto, which checked in at number two on the list at 1.53. Vancouver was number one in North America at 1.67.

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The three Canadian locations beat out all U.S. cities including Los Angeles and New York, which had indices of 1.40 and 1.00, respectively.

“Hamilton and Ottawa have joined the ranks of Canada’s least affordable metros, while homes in the Prairies and Quebec remain within reach of local households,” the study said.

Quebec City was the most affordable in Canada with an index of 0.64, just behind Chicago (0.60) and Columbus (0.62) for all of North America.

Hamilton now third least affordable housing market in North America, according to study - Hamilton | Globalnews.ca (3)

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The Canadian prairies also faired better with Calgary’s index at 0.78, Edmonton at 0.67 and Winnipeg with 0.68

Both Cubitt and the study say the issue is simply a result of demand outstripping supply in the big cities.

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The supply-demand imbalances pushed prices to historic highs in both the United States and Canada, even as incomes have rebounded since the start of the pandemic, according to the Oxford report.

The study revealed that in the U.S., a near-record of new homes already sold are still awaiting construction.

Cubitt says in the GTHA, many rental units are being converted back into family homes and new housing is being more directed towards condos, since the cost of construction is high.

“There’s no way to actually rent a new apartment or a new condo out for less than $1,500 (in Hamilton) to cover costs, ” said Cubitt.

“We are in a very complex time of prices going up on every front because of the cost of construction and a reduction in supply.”

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Hamilton now third least affordable housing market in North America, according to study - Hamilton | Globalnews.ca (2024)

FAQs

Is Hamilton less affordable than Los Angeles? ›

Hamilton is less affordable than Los Angeles and New York City according to new Oxford Economics research. Vancouver, Toronto and Hamilton are, according to new research, the least affordable cities in North America. Vancouver was the least affordable city, with Toronto in second place and Hamilton in third.

What is the most unaffordable city in North America? ›

Survey lists Vancouver as most unaffordable city in North America.

Are house prices going down in Hamilton? ›

The average home sale price in Hamilton-Burlington decreased by 22.9% year-over-year to $845,892 for June 2023.

What are the most unaffordable cities in 2023? ›

A new survey ranked 219 cities in 120 countries by how affordable they are for expats. New York, Hong Kong, and Geneva are the top 3 unaffordable cities to live in if you're an expat in 2023.

Why is Hamilton city so expensive? ›

Both Cubitt and the study say the issue is simply a result of demand outstripping supply in the big cities. The supply-demand imbalances pushed prices to historic highs in both the United States and Canada, even as incomes have rebounded since the start of the pandemic, according to the Oxford report.

Where is the cheapest place to live in Hamilton? ›

Top 5 Most Affordable Hamilton Neighbourhoods
  • 1 – Glanbrook: Binbrook, Mount Hope. ...
  • 2 – Hamilton East: Homeside, Normanhurst, McQuesten, Parkview. ...
  • 3 – Hamilton West: Kirkendall, Durand. ...
  • 4 – Hamilton West: North End West, Central Hamilton, Strathcona. ...
  • 5 – Dundas. ...
  • 1 – Ancaster. ...
  • 2 – Waterdown.
Jan 17, 2019

Which state is most unaffordable? ›

According to several studies on cost of living, Hawaii is the most expensive U.S. state to live in. Prices are typically double in Hawaii compared to those on the mainland, and the continued rise in inflation is making costs ranging from housing to health care much more expensive.

What is the most unaffordable city in California? ›

Marina del Rey, California

You can carve out a life there for $98,931.74, or $8,244.31 per month. Rent is crushingly high, though — a one-bedroom in Marina del Rey costs nearly $1,400 more than the next most expensive city.

Is Hamilton a good place to buy property? ›

Hamilton is a powerful market for investors who are looking to try their hand at student housing. The city is not only home to five major post-secondary institutions such as McMaster University and Mohawk College, but it is also home to a variety of career colleges and private institutions as well.

What is the Hamilton real estate forecast for 2023? ›

The future of the Hamilton real estate market appears optimistic, with pending sales starting to overtake new listings. Prices are expected to remain stable throughout 2023, with a forecasted increase of 10.2% in 2024 (according to CREA).

How much has real estate dropped in Hamilton? ›

Hamilton's average home price is down by 9.7% year-over-year and up by 2.7% in two years, with the average sold price now at $814,082 for May 2023. Detached home average price decreased by 9.9% year-over-year to $892k.

Where is the cheapest place to live in USA 2023? ›

Mississippi

Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average. The median single family home costs around $140,818.

Where is the cheapest and safest place to live in America? ›

In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.

What is the most unaffordable country to live in? ›

According to the report, Bermuda is the world's most expensive place to live. Switzerland ranks second on the list (and it's definitely not the only European country), followed by new entrant the Cayman Islands, Bahamas, and Barbados.

What is the best area of Hamilton to live? ›

The central Westdale Village shopping area is a favourite with locals, cultivating true small-town feel away from Hamilton's downtown. Westdale is a good starting point if you are looking to rent or share a house, as the large student population means there may be more renting options than other areas.

What is the richest area in Hamilton? ›

The region's most luxurious neighbourhoods, Ancaster Heights, Sulphur Springs and Durand South with average prices over $1.1 million. Proximity to independently owned retailers, gyms, bars and restaurants are some of the top liveability factors for the most affordable and luxurious neighbourhoods in Hamilton.

How much do you need to live comfortably in Hamilton? ›

The average cost of living in Hamilton is $3,493/month for a single person who rents. This average is based on many factors including the cost of housing, transportation, groceries, and entertainment.

What is the average salary to live in Hamilton? ›

Average Cost of Living per Month in Hamilton

The average cost of living in Hamilton is $3,330/month for a single person who rents. This average is based on many factors including the cost of housing, transportation, groceries, and entertainment.

What is considered low income in Hamilton? ›

The LICO identifies households who may be in “straitened circumstances” based on the percentage of income they pay for necessities compared to the general population. For a family of four the LICO is $38,544, for a single person it is $20,3861.

What are the safest suburbs in Hamilton? ›

What are the Best Suburbs in Hamilton for Your Next Home?
  • Hamilton East. Hamilton East is one of Hamilton's oldest suburbs. ...
  • Rototuna. Rototuna is experiencing rapid growth. ...
  • Frankton. ...
  • Hillcrest. ...
  • Melville. ...
  • Claudelands. ...
  • Find Hamilton Properties for Sale with Team Sue Hall.
Jan 19, 2023

What is the #1 expensive state? ›

1. Hawaii. Hawaii is truly a paradise, but it is also the most expensive state in America to live in. The cost of living in Hawaii overall is 86% higher than the national average, and the cost of housing in Hawaii is a jaw-dropping 207% above the national average.

What are the 3 least expensive states to live in? ›

The three cheapest states to move to in terms of housing costs are: West Virginia, with an average price of $123,000; Mississippi, with an average price of $125,000; and Arkansas, with an average house price of 133,600.

What is the 2 cheapest state to live in? ›

The cheapest states to live in are Mississippi, Oklahoma, Kansas, Alabama, Georgia, Missouri, Iowa, Indiana, West Virginia, and Tennessee. Mississippi is the cheapest state to live in in the US, with a cost of living index of 85. The second cheapest state to live in is Oklahoma, with a cost of living index of 85.8.

Where is the most expensive place to live in USA? ›

7 of the 10 Most Expensive Cities to Live in the U.S. Are in One State A new report by U.S. News found that San Diego is the most expensive city to live in for 2023-2024, followed by Los Angeles.

Where is the most unaffordable city in the world? ›

All the cities on this graphic are classified as severely unaffordable⁠—and, for the 12th year in a row, Hong Kong takes the top spot as the world's most unaffordable housing market, with a score of 23.2.

Where do all the millionaires live in California? ›

Los Altos Hills

The richest city in California is Los Altos Hills.

What US city has the lowest cost of living? ›

Fort Wayne, Indiana, was named the city with the lowest cost of living for 2022.

Where is the highest cost of living in the world? ›

Hong Kong is the most expensive city to live in the world

Owing to its mammoth population size of 7 million people and finite spice, rent and hotels are extremely expensive. The price of food varies – depending on whether you buy fresh, imported produce versus local, market produce.

What is the most expensive city for life? ›

View the full city ranking
RankCityLocation
1Hong KongHong Kong (SAR)
2SingaporeSingapore
3ZurichSwitzerland
4GenevaSwitzerland
57 more rows

Is Hamilton property tax going up? ›

Taxes and water rates will both increase by another one per cent to cover infrastructure funding shortfalls from previous years, said a report by staff. Council already passed a 5.85 per cent property tax hike for this year's budget back in March.

How much do you need to buy a house in Hamilton? ›

In March 2022 an income of $170,400 was needed to buy a Hamilton home. “Hamilton was the only city to see home affordability improve year-over-year with $4,460 less income required due to a drop in average home price of $224,200, the largest decline of all the cities,” said Laird.

Why should I live in Hamilton? ›

One of the primary reasons why people move to Hamilton is its affordability. The cost of living in Hamilton is lower than in other cities in Canada, and the average home price is also relatively affordable, making it an attractive place to move to for those looking to buy a home.

Why buying real estate in 2023 could be a good idea? ›

Despite what some may think, 2023 is still a good year to invest in real estate, thanks to advantages like long-term appreciation, steady rental income, and the opportunity to hedge against inflation. Mortgage rates are expected to decline, but the housing market is likely to remain competitive due to low supply.

Is it a good time to invest in real estate 2023? ›

In my opinion, real estate is one intelligent option to consider in 2023, as it often has excellent returns, tax advantages and provides diversification even in the face of a challenging economic climate. Real estate also has the potential to compound your investment.

Will my house be worth more in 2023? ›

Zillow's forecast reveals a positive outlook for home values in 2023. The company expects a significant increase in home values compared to the previous month's forecast. Specifically, Zillow projects that home values will grow by 3.9% in 2023, indicating a considerable surge.

Where has the housing market dropped the most? ›

Leading the nation with the largest drop from the 2022 peak is San Francisco, where home prices have fallen nearly 17%. Other cities with double-digit home-price declines from last year's peaks include Seattle, San Jose, and Phoenix.

Are houses expensive in Hamilton? ›

Hamilton's average home price plunged by $142,340, or 15 per cent, to $806,809 in April 2023 compared to March 2022. Burlington's average home price plummeted by $153,647, or 11.79 per cent, to $1,149,169 in April 2023 compared to March 2022.

How is the rental market in Hamilton? ›

Compared to the pandemic low in April 2021, rents have increased the most in Ontario, 29 per cent as of April 2022. Zumper.com, which also analyzes hundreds of thousands of listings across the 23 largest cities in the country, put Hamilton in the top eight most expensive rental markets as of April.

Where is everyone moving to in 2023? ›

CALIFORNIA CONTINUES TO SEE THE MOST MOVE-OUTS

Los Angeles and San Francisco once again claim the top two spots for the cities with the most move-outs, with the Stockton/Modesto area also making a reappearance this year.

What is the most expensive state to live in 2023? ›

Hawaii is the most expensive state to live in, with a cost of living index of 184. Massachusetts is ranked second, with a cost of living index of 149.7, followed by California at 137.6, and New York at 134.5.

What is the best city to live in the world 2023? ›

The 10 best cities in the world to live in in 2023
  • Melbourne, Australia.
  • Sydney, Australia.
  • Vancouver, Canada.
  • Zurich, Switzerland.
  • Calgary, Canada.
  • Geneva, Switzerland.
  • Toronto, Canada.
  • Osaka, Japan.
Jun 22, 2023

What is the #1 city to live in in America? ›

Here's how editors said the magazine determined its picks: Analyzing the 150 most populous metropolitan areas and evaluating several factors including job prospects, affordability, growth and quality of life. Topping the 2023-24 list: Green Bay, Wisconsin.

Where is the cheapest warm place to retire? ›

8 Surprisingly Affordable Cities With Great Weather for Retirees
  • Tarboro, North Carolina. ...
  • Melbourne, Florida. ...
  • Lakeland, Florida. ...
  • Mountain Home, Arkansas. ...
  • Mount Airy, North Carolina. ...
  • Kingsport, Tennessee. ...
  • Roanoke, Virginia. ...
  • College Station, Texas.
Jan 26, 2023

What is the number 1 place to live in the US? ›

Huntsville, Alabama

After ranking No. 1 in 2022, Huntsville has been unseated as the Best Place to Live in the U.S. in 2023-2024, but remains near the top thanks to its strong job market and low cost of living – a winning combination for many people looking to relocate.

What are the most unaffordable cities to live in? ›

Top 10 Least Affordable Cities for Home Buyers
  • Santa Monica, California.
  • Glendale, California.
  • Burbank, California.
  • Los Angeles, California.
  • Boulder, Colorado.
  • Pasadena, California.
  • New York, New York.
  • San Francisco, California.
May 24, 2023

What is the least affordable housing market in 2023? ›

Hong Kong is the least affordable market, with a median multiple of 18.8. Sydney was the second least affordable at 13.3, Vancouver at 12.0, Honolulu at 11.8, San Jose at 11.5, Los Angeles 11.3, Auckland 10.7, Melbourne at 9.9, Toronto at 9.5 and San Diego at 9.4.

Is it cheap to live in Hamilton? ›

The overall cost of living in Hamilton is about 25% lower than the cost of living in Toronto.

Is it expensive to live in Hamilton? ›

Hamilton ranks as the third-most expensive city in Canada when it comes to the cost of living versus income, a new study suggests.

What is the cheapest place in LA? ›

  1. Central Alameda. The cheapest place to live in Los Angeles is Central Alameda. ...
  2. South Park. The second cheapest place to live in Los Angeles is South Park. ...
  3. Pico-Union. Pico Union is another one of the cheapest places to live in Los Angeles. ...
  4. Pico Rivera. ...
  5. Boyle Heights. ...
  6. Lakeview Terrace. ...
  7. North Valley. ...
  8. Chinatown.
Feb 24, 2023

How expensive is it to live in Hamilton? ›

The average cost of living in Hamilton is $3,493/month for a single person who rents. This average is based on many factors including the cost of housing, transportation, groceries, and entertainment.

Why do people like living in Hamilton? ›

Hamilton is a popular destination among newcomers moving to Canada. Its proximity to Toronto and comparatively lower cost of living are only some of the features that make Hamilton one of the best cities to live in Canada.

Why do people live in Hamilton? ›

Hamilton is known for its relatively low living costs. From the price of residential property to everyday expenses, living in Hamilton can relieve a significant amount of financial pressure, even if you decide to get a bigger place in the inner city area.

Why Hamilton is the best place to live? ›

Hamilton neighbourhoods

Living in Hamilton truly is the best of both worlds. Local restaurants, shops, and amenities have sprung up in many of these neighbourhoods, and on streets such as James Street North and Locke Street hip eateries and cafes are nestled between family homes, giving a lively community feel.

What is the average household income in Hamilton? ›

The median household income in Hamilton is $86,000, while the median after-tax household income sits at $75,500 per year.

Is Hamilton a good place to buy a house? ›

All families have different requirements, but generally speaking, Hamilton, Ontario is a great place to live. Often listed as one of the top real estate markets in Canada, the city offers a huge collection of green spaces, great opportunities for young professionals, and a relatively low average home price.

Where is the cheapest place to live? ›

In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.

Is LA cheaper than Texas? ›

Cost of Living in California vs. Texas. In Texas, you can get a lot more bang for your buck. A MyMove study evaluating the cost of living in the United States in 2022 shows that California has a cost index of 151.7, while Texas has a cost index of only 91.5.

Is LA one of the most expensive places to live? ›

The average median home price in San Diego was $889,225 in 2021 — nearly triple the national average of $365,616. Los Angeles was ranked the second-most-expensive city to live in with the same value rating of 3.3, followed by Honolulu (3.6), Miami (3.6) and Santa Barbara (3.8).

How much do people in Hamilton make? ›

That said, there is confirmation that each main cast member made at least $3,400 a week for their actors' salaries (and even more after a crucial deal was signed.) According to The New York Times, Broadway actors make a union-mandated minimum of $1,900 a week, which would amount to $116,300 a year.

Is Hamilton a growing city? ›

The current metro area population of Hamilton in 2023 is 781,000, a 0.64% increase from 2022. The metro area population of Hamilton in 2022 was 776,000, a 0.65% increase from 2021.

Is Hamilton AL a good place to live? ›

Hamilton is a small quiet town in Alabama where cost of living is not quite as high. It is the home of Beville Community College where tuition is reasonable. Hamilton has Buttahatchie River running through it where many go to kayak and tube down the river. All of these are aspects I like about the area I live in.

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