Toronto real estate is expensive. You already know that. But how does Toronto shape up when it comes to comparing its home affordability to that of the United States?
We just told you how much you need to earn to afford a home in these GTA cities.
With the average detached house now priced at $1,354,429 in the GTA, a household would need to earn $240,000 to afford one.
But what if you were to move to the United States?
Listed state by state, here's the amount of money you would need to earn to afford an average home in each American region.
Take note, the figures below are in U.S. dollars. And all figures below are less than what you need to earn in Toronto.
So here's how much income you need to afford the average home in every state in 2018, as calculated by HowMuch.net:
(Graphic courtesy of Howmuch.net)
Top Five States Where You Need The Highest Salaries To Afford The Average Home
1. Hawaii: $153,520 for a house worth $610,000
2. Washington, DC: $138,440 for a house worth $549,000
3. California: $120,120 for a house worth $499,900
4. Massachusetts: $101,320 for a house worth $419,900
5. Colorado: $100,200 for a house worth $415,000
Top Five States Where You Need The Lowest Salaries To Afford The Average Home
1. West Virginia: $38,320 for a house worth $149,500
2. Ohio: $38,400 for a house worth $149,900
3. Michigan: $40,800 for a house worth $160,000
4. Arkansas: $41,040 for a house worth $161,000
5. Missouri: $42,200 for a house worth $165,900
