Comment by brailsafe
2 days ago
> The median house costs more than a third of the median income
That sounds like a steal, in my city the median home price across all types is 10-20x the median annual household income
2 days ago
> The median house costs more than a third of the median income
That sounds like a steal, in my city the median home price across all types is 10-20x the median annual household income
Did they mean perhaps taking a 25 year mortgage on the median house would consume a third of the median income?
I suppose it could be interpreted either way, but your interpretation probably makes more sense in context. In reports about housing cost in Canada, they tend to use both the median income to median servicing cost like you have, but also home price-to-income ratio which often is a multiple of annual income for whatever reason.
Further down in the thread there's mention of median housing cost to income ratio for programmers in the 90's, and in that situation it seems like the absolute total cost of a house was a fraction of annual income, so it could go either way, but it would be much tougher now for your annual salary to surpass the cost of a house unless it's severely in the boonies.