Home Affordability in 25 Cities in Canada and U.S.
| Country | Metro Area | Price-to-Income Ratio ▼ | Median Home Price (USD) | Gross Median Household Income (USD) | Population |
|---|---|---|---|---|---|
| CA | Vancouver | 12.7 | $842,000 | $66,000 | 3,100,000 |
| CA | Toronto | 10.7 | $762,000 | $71,000 | 7,000,000 |
| US | Los Angeles | 10 | $956,000 | $96,000 | 12,900,000 |
| US | San Diego | 8.6 | $936,000 | $108,000 | 3,300,000 |
| US | San Francisco | 8.5 | $1,141,000 | $134,000 | 4,600,000 |
| US | New York | 6.8 | $677,000 | $99,000 | 19,600,000 |
| CA | Montreal | 6.4 | $391,000 | $61,000 | 4,600,000 |
| US | Seattle | 6.4 | $740,000 | $116,000 | 4,100,000 |
| US | Inland Empire, CA | 6.3 | $580,000 | $92,000 | 4,800,000 |
| US | Miami | 6.1 | $486,000 | $80,000 | 6,200,000 |
| US | Boston | 6 | $693,000 | $116,000 | 4,900,000 |
| US | Denver | 5.4 | $579,000 | $108,000 | 3,100,000 |
| US | Phoenix | 5.1 | $454,000 | $90,000 | 5,100,000 |
| US | Tampa | 4.9 | $372,000 | $76,000 | 3,400,000 |
| US | Orlando | 4.9 | $394,000 | $81,000 | 2,900,000 |
| US | Washington, D.C. | 4.5 | $568,000 | $127,000 | 6,400,000 |
| US | Charlotte | 4.5 | $379,000 | $85,000 | 3,500,000 |
| US | Atlanta | 4.2 | $378,000 | $90,000 | 6,400,000 |
| US | Dallas | 4.1 | $370,000 | $91,000 | 8,200,000 |
| US | Philadelphia | 4 | $365,000 | $91,000 | 6,300,000 |
| US | Baltimore | 3.9 | $386,000 | $99,000 | 2,900,000 |
| US | Minneapolis | 3.8 | $374,000 | $99,000 | 3,700,000 |
| US | Houston | 3.7 | $305,000 | $83,000 | 7,600,000 |
| US | Chicago | 3.6 | $324,000 | $91,000 | 9,300,000 |
| US | Detroit | 3.3 | $253,000 | $76,000 | 4,400,000 |
Source: Home Prices - US Zillow Housing Data (All Homes, US & Metro); CA CREA MLS® HPI (Composite Benchmark); Incomes - US Census; CA StatCan. Adjusted to Oct 2024; Population (Estimated) - US Census; CA StatCan. Adjusted to 2024 with Macrotrends Population Change Data; FX Rates - Bank of Canada (CAD/USD Oct 31, 2024). | |||||
Home Affordability in the 25 Largest Cities in Canada and the U.S. (Oct 2024): Cities in Canada and California are struggling with affordability!
Key Insights:
1️⃣ Vancouver, Toronto, and Los Angeles are the least affordable cities.
2️⃣ Due to high income taxes, using disposable income instead of gross income makes affordability look even worse in Canada and California.
3️⃣ An affordability benchmark is typically a price-to-income multiple of 5 or less, but most cities in both countries exceed this. The staggering multiples of 12.7 (Vancouver), 10.7 (Toronto), and 10 (Los Angeles)are particularly alarming.
4️⃣ On the other hand, Detroit (3.3), Chicago (3.6), and Houston (3.7) rank as some of the most affordable large cities in North America.
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