Hamilton named the fifth least affordable city in North America
- Michael Kras
- 01 Nov 2021
Not that it should come as a huge surprise, but a new study has found that Hamilton remains one of the least affordable cities in North America for its housing market.
Oxford Economics released their North America Housing Affordability Indices for the second quarter of 2021 for which Hamilton still remains within the continent’s least affordable cities for housing, ranking at number 5 on the list; slightly lower than when it was at number 3 in Q1.
Our Housing Affordability Indices show affordability deteriorated in nearly all US and Canadian metros in Q2 2021. Potential buyers will find homes most out of reach in Vancouver, Boise, Toronto, Portland, Hamilton, Las Vegas, San Jose, and LA: https://t.co/Zzd9LsEJzt pic.twitter.com/sMS6iZ4t0l
— Oxford Economics (@OxfordEconomics) October 19, 2021
According to the ranking, Hamilton is more affordable than Portland, Oregon; Toronto, Ontario; Boise, Idaho; and Vancouver, British Columbia, which itself ranks as the least affordable housing in North America.
That said, Hamilton is still positioned as less affordable for housing than cities like Las Vegas, San Jose, Los Angeles, Ottawa, and Tampa.
The study by Oxford Economics – which is prefaced by a summary stating that ‘housing affordability fell in Q2 and is likely to worsen’ – measures home prices relative to the city’s median household income to arrive at their quarterly figures.
By contrast, the report finds that Canadian cities like Quebec City, Edmonton, Winnipeg, and Calgary currently rank among North American’s top 10 most affordable cities.
Read the full study here.
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