The recent study revealed that major cities in the United States, such as New York City, Miami, Nashville, Phoenix, Dallas, Houston, and Philadelphia, offer more affordable housing options compared to Toronto. Despite Toronto and Dallas having similar median incomes, Toronto's median home price is significantly higher at $718,519, while Dallas's is much lower at $393,650. This creates a substantial affordability gap, with Toronto households earning the median income only able to afford homes around $355,892, which is much less than the median home price.
This pattern extends beyond Toronto. When comparing housing affordability in Kitchener-Waterloo and Houston, despite their similar median incomes, Houston emerges as the more affordable option. Even though Kitchener-Waterloo households can afford more expensive homes than those in Houston, they still face a significant gap between their maximum affordability and the median home price.
Furthermore, it's noteworthy that among the cities where median-income earners can afford homes at the current median price, five out of eight are in Canada: Calgary, Winnipeg, Edmonton, Saskatoon, and Saint John. Oklahoma City stands out as the most affordable US city, where households earning the median income can purchase a home at the current median price and still have money left over.
Check Out the Full Report at https://www.zoocasa.com/blog/us-vs-canada-affordable-housing-market-report/
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