Home at What Cost?
Canadians are becoming increasingly pessimistic about their homeownership goals. With many resigning themselves to never owning a home. Despite that being one of things they grew up just assuming would be inevitable.
Why are Gen Z and Millennials feeling so jaded? Habitat for Humanity International conducted a survey to find out some of the major hurdles non-homeowners are facing right now.
More than half (56%) of non-homeowning Canadians don't expect to ever own a home, more than double the global average.
Housing affordability is the prime factor why non-home owning Canadians can't envision homeownership in their future, with price, income, and the ability to save all working against them.
One in two (50%) say their income is too low
More than half (54%) say homes are too expensive
Four in ten (41%) lack sufficient savings for a down payment
And their opinions are not unfounded. The average cost of a home in a small city such as Kingston is currently $550,000+, up from around $300,000 in 2016. The median household income after-tax in 2016 was just under $60,000. Today, the median household income after-tax is just over $70,000.
In just 10 years the typical cost of owning a home has increased 83.33% where household income has increased only around 18%. Add in the increased costs of other living expenses and it's no surprise that young Canadians are feeling like their dreams of homeownership will never be accomplished.
Habitat for Humanity Kingston Limestone wants to be a part of making those dreams come true.
Affordable Homeownership is the foundation on which Habitat Canada is built. Habitat's program is not just about building more housing. Habitat reduces structural barriers. This includes eliminating the large down payment requirements, interest rate risks and income requirements of traditional mortgages that prevent Canadians from becoming homeowners.
For more information, or to learn how to apply, visit www.habitatkingston.com/homeownership
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