This White Rock home would run you $1.3 million, the benchmark price for a home in the city. (Zoocasa)

It could take you 218 years to save up for a house in this B.C. neighbourhood

It would take 27 years in the most affordable city in the Lower Mainland

Are you saving up for a house? Well, better prepare yourself because you could be on a budget for more than 200 years.

That not-so-great news comes from real estate firm Zoocasa, which looked at how long a median-income household would take to save up for a new home if they saved 20 per cent of their salary.

The median income for homes in Vancouver’s West End neighbourhood is $65,327, the firm says, so it would take 218 years to afford a whopping $2.9-million benchmark price detached home.

West Vancouver was the second least affordable area, with a median household income of $89,808 and a timespan of 134 years before one could afford to a $2.5-million detached home.

READ MORE: The priciest home for sale in Canada is a $38M Vancouver penthouse

On the other end of the scale, a Maple Ridge household with a median income of $86,178 would only need to wait 27 years before they could afford a $804,200 detached home, based on the benchmark price.

In Surrey, the fastest growing city in the Lower Mainland, a median household income of $77,494 and benchmark detached home price of $979,767 would leave a family waiting 46 years.

In the more affluent, but also much more expensive South Surrey and White Rock area, a $80,430 median income would entail saving up for 67 years before being able to buy a $1.3 million home.

This is how long it will take you to save up for a detached home in these Lower Mainland cities. (Zoocasa)


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Abbotsford Police Chief Mike Serr provides an overview of the detachment’s year during the annual Crime is Toast breakfast, which this year was held online.
2020 has been a challenging year, says Abbotsford Police chief

Mike Serr provides annual overview during virtual Crime is Toast breakfast

MacDonald tweeted out this photo shortly after being sprayed with bear-mace in 2015.
THROWBACK VIDEO: Fifth anniversary of Abbotsford cameraman’s bear-mace attack

Retired ‘Abby Newshound’ Kevin MacDonald reflects on notorious incident back in 2015

RCMP officers cleared in killing of Abbotsford homeless advocate

Barry Shantz was shot following a mental health crisis at his home on on Jan. 13, 2020,

Rosedale man sees significant spike in BC Hydro bill after purchasing electrical vehicle

An increase should be expected, but Brian Chwiendacz experienced a 200-plus per cent hike

Abbotsford singer releases sequel to earlier 2020 release

Musician Ben Cottrill releases Velvet Regrets, Vol. 2

167 new COVID-19 cases, 1 death recorded as B.C. enters 2nd wave

Three new healthcare outbreaks also announced

The Surrey Eagles are currently seeking billet families for its players in advance of the 2020-‘21 BC Hockey League season. (Garrett James photo)
BCHL team in ‘desperate’ need of billet families for upcoming hockey season

COVID-19 pandemic has made finding homes for players difficult: billet co-ordinator

John Horgan brought the NDP campaign to Langley on Wednesday, Oct. 21, just three days before the B.C. vote (Matthew Claxton/Langley Advance Times)
Horgan brings NDP campaign to Langley

Predicts gains, says people are looking at the party ‘differently’ after three years

Brody Peterson said he intends to dispute tickets issued by Grand Forks RCMP at his backyard “house warming” Saturday, Oct. 10. Photo: Laurie Tritschler
Brody Peterson told The Gazette he intends to dispute tickets issued by Grand Forks RCMP at his backyard “house warming” Saturday, Oct. 10. Photo: Laurie Tritschler
‘This is a big outdoor space’: Grand Forks man behind backyard party to fight COVID tickets

Homeowner Brody Peterson said he’ll dispute tickets for refusing police instructions, alleged COVID violations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

A glimpse of some of the 480 (approx) cars written off as a result of the acid spills along the Trail highway in 2018. Photo: Trail Times
Kootenay Ford dealer’s frustration grows with ICBC

Trail AM Ford owner Dan Ashman says he just wants fair compensation from ICBC

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Mail-in ballot from Elections BC (Katya Slepian/Black Press Media)
At least 26% of eligible voters have already cast their ballot, Elections BC says

Voters can cast a ballot until 8 p.m PST on Election Day

Most Read