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

Prominent Slocan Valley environmental activist dies

Marilyn Burgoon was ‘tough and determined’

Ktunaxa, supporters celebrate protection of Qat’muk and the Jumbo valley

Speeches, acknowledgements and ceremonies mark an emotional gathering in Cranbrook

Hwy 3 to close for avalanche control on Jan. 19

The road is expected to be closed from noon to 3 p.m.

Jumbo Valley to be protected, ending decades-long dispute over proposed ski resort

Development rights permanently retired for site of proposed year-round ski resort west of Invermere

FedEx distribution centre coming to Castlegar

Development permit for ground facility before council next week.

VIDEO: Nickelback gears up for nostalgia tour

Canadian band joins Stone Temple Pilots for a summer tour that includes just one stop in Canada

Province asks health-care staff to be ‘vigilant’ in screening for possible coronavirus cases

This comes after U.S. health officials confirmed a case of the virus in Washington State

Boy, 13, arrested after alleged assault involving girl at B.C. middle school

Boy alleged to have used ‘inappropriate levels of force’ to injure the girl

B.C. player becomes only second Canadian to enter Hall of Fame of Baseball

Walker received 76.6 percent of the Baseball Writers of America Association vote

PHOTOS: Heavy snowfall breaks window, causing avalanche into B.C. newsroom office

It was a chaotic start to the week for the Kitimat Northern Sentinel

Canadian law firm launches class action on behalf of Iran flight victims

Flight 752 was shot down by Iran shortly after take off

Mission Hill cellarman fired after mistakenly dumping $162K of wine down the drain

The former employee filed a grievance with the West Kelowna winery but was unsuccesful

Protesters block B.C. government building entrance to support Wet’suwet’en First Nation

A letter with four demands was delivered to the Ministry of Energy, Mines and Petroleum Resources

Most Read