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

Surrey Fire Fighters Charitable Society doing ‘better than we were expecting’ amid COVID-19

At one point, the board thought it might have a donation shortfall of $250,000

Wrong-way driver triggers multi-vehicle collision on Highway 99 in South Surrey

Police received multiple reports of vehicle heading north in southbound lanes

Man arrested in ‘after-hours club crackdown’ in Whalley, Surrey RCMP say

Police say they received information about clubs, parties ‘springing up’ at commercial properties

Restoration work puts Peace Arch under wraps

Border monument being repainted, restored

53 new COVID-19 cases, no new deaths cap off week of high infection rates in B.C.

Roughly 1,500 people are self-isolating because they either have COVID-19 or have been exposed to it

3 Vancouver police officers test positive for COVID after responding to large party

Union president says other officers are self-isolating due to possible exposure

New mothers with COVID-19 should still breastfeed: Canada’s top doctor

Dr. Theresa Tam made the recommendation during World Breastfeeding Awareness Week

Collapse of Nunavut ice shelf ‘like losing a good friend:’ glaciologist

The ice shelf on the northwestern edge of Ellesmere Island has shrunk 43 per cent

PHOTOS: Moving day for 110-year-old Fraser Valley heritage house

Chilliwack heritage house makes 1.7-kilometre journey to new location

Plainclothes Abbotsford police officer deletes cellphone video after drawing gun on innocent man

‘They never asked me what I was doing there, strictly came out with guns, threatening to shoot me’

CRIME STOPPERS: ‘Most wanted’ for Aug. 7

Crime Stoppers’ weekly list based on information provided by police investigators

Construction underway on Langley’s new hospice residence

The new 15-bed facility is slated for completion in summer 2021

50-year-old time capsule unsealed at Abbotsford International Airport

Capsule sealed by former PM Pierre E. Trudeau in 1970, when event became ‘Canada’s National Airshow’

Most Read

l -->