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

Metchosin, Colwood hit with morning power outage

Monday morning outage impacts more than 2,600 BC Hydro customers

‘Someone knows something’: a look into Vancouver Island missing persons with interactive map

There are more than three dozen people listed as missing throughout Vancouver Island

Sooke Meals on Wheels seeks volunteers to replace critical roles

Annual general meeting, volunteer appreciation dinner is July 26

Colwood library reopens for public use July 18

Limited services offered Monday through Saturday

Faulty janitorial equipment likely caused Saanich school fire

Saturday morning fire damaged roof of Strawberry Vale Elementary

Islanders want BC Ferries to follow order that lets residents board before tourists

For ferry-dependent communities, ferries are often the sole practical lifeline to work, school or medical appointments.

Beverly Hills 90210 star’s family selling Vancouver Island Beach Resort

You can own Jason Priestley’s Terrace Beach Resort in Ucluelet for less than $5 million

Genetic detectives begin work to trace spread of COVID-19 in Canada

The kinds of genetic technology being used for this project did not exist when SARS hit Canada in 2003

Sports fishers protest Fraser River Chinook closures

Public Fishery Alliance wants hatchery fish open for harvest

B.C. Ferries increasing passenger capacity after COVID-19 restrictions

Transport Canada 50-per-cent limit being phased out, no current plans to provide masks

Shellfish industry get funds to clean up at Island sites and beyond

Businesses can apply to cover half of costs to clean up so-called ‘ghost gear’

Amber Alert for two Quebec girls cancelled after bodies found

Romy Carpentier, 6, Norah Carpentier, 11, and their father, Martin Carpentier, missing since Wednesday

B.C. man prepares to be first to receive double-hand transplant in Canada

After the surgery, transplant patients face a long recovery

Most Read