Housing Affordability and Household Income Trends in Huron County
Explore the data on household income versus housing prices in Huron County, including stats on living alone, average sale prices, required household earnings, and comparisons between actual and needed incomes. The visuals illustrate the affordability challenges residents face when trying to purchase homes in the area.
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Presentation Transcript
Household Income vs Housing Prices
Living Alone (2016 Census, Huron County) Not married and not living common law 37% Married or living common law 63%
Please Note Every house purchase is different. For simplicity's sake these numbers are all based on the 30% affordability, target but don't take into account housing related costs like property taxes, utilities, and insurance (which by CMHC standards should be included). These numbers also assume closing costs are similar to down payment costs. It should also be noted 44% is the maximum ratio lenders can use for total housing costs (including taxes, heating, utilities) against annual household income. This is all to say every buyer has a different situation and these numbers should be used as a general guideline which represents the average in most cases.
Avg. Sale Price in Huron County July 2016: $265,000 July 2020: $474,000 May 2021: $616,000
Requires household earning: July 2016: $31.8/hr for 37.5/week July 2020: $56.8/hr for 37.5/week May 2021: $73.9/hr for 37.5/week
Actual Avg. Huron County Household Income: 2016: $65,944 or $33.8/hr 2020: $72,808 or $37.3/hr
Yr Actual Needed 16 20 21 $33.8/hr $37.3/hr ~$38.2/hr $31.8/hr + 2.0 $56.8/hr - 19.5 $73.9/hr - 35.7
Huron County Average Sales Price Vs. Median Household Income* $600,000 $476,704 $500,000 $400,842 $400,000 $300,000 $231,971 $200,000 $72,808 $65,944 $100,000 $- Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Sep-15 Nov-15 Sep-16 Nov-16 Sep-17 Nov-17 Sep-18 Nov-18 Sep-19 Nov-19 Sep-20 Nov-20 May-15 May-16 May-17 May-18 May-19 May-20 Average Sales Price - Huron County Median Household Income, Huron County Linear (Average Sales Price - Huron County) Source: MLS & 2016 Statistics Canada Census of Population
Food counter attendants Retail Cashier salesperson General farm worker Construction labourers Truck drivers Nurse aids & health care attendants Registered nurses Teachers
Food counter attendants Retail Cashier salesperson General farm worker Construction labourers Truck drivers Nurse aids & health care attendants Registered nurses ($34/hr) Teachers ($40/hr)
Total of 50 Most Common Jobs in Huron County by Hourly Wage (2019) Above $25/hr Below $25/hr 19% 81%
Occupation Name Skill Level # of Postings Median Hourly Wage 2019 Professional occupations in nursing NOC Skill Level A 71 $ 35.48 Retail salespersons Other technical occupations in health care NOC Skill Level C 31 $ 14.63 NOC Skill Level B 30 $ 27.74 Agriculture and horticulture workers NOC Skill Level C 30 $ 15.70 Labourers in processing, manufacturing and utilities NOC Skill Level D 30 $ 18.51 Motor vehicle and transit drivers NOC Skill Level C 28 $ 16.82 Customer and information services representatives Managers in food service and accommodation NOC Skill Level C 25 $ 17.57 NOC Skill Level A 25 $ 15.26 Office administrative assistants - general, legal and medical NOC Skill Level B 22 $ 19.95 Home care providers and educational support occupations NOC Skill Level C 22 $ 17.63 Source: Connect2jobs.ca Job Demand Report, EMSI Analyst
50 Most Common Jobs in Huron County earning above $50/hour (2019) 0% 100%
Low demand, high supply = low prices Low demand, low supply = medium prices High demand, low supply = high prices High demand, high supply = medium prices
Housing Demand & Supply Factors Strong economy & housing market across Canada Near Greater Toronto Area (GTA) Pandemic + Work from Home Low unemployment Low interest rates Canadian Immigration levels
Primary tools for communities Land development policies Add additional supports and social housing Financial incentives Build more houses
Primary tools for communities Land development policies passive approach Add additional supports and social housing Financial incentives Build more houses
Primary tools for communities Land development policies Add additional supports and social housing money comes from tax base (income or property) Financial incentives Build more houses
Primary tools for communities Land development policies Add additional supports and social housing Financial incentives Money comes from tax base (income or property) Build more houses
Primary tools for communities Land development policies Add additional supports and social housing Financial incentives Build more houses
Key Takeaways: If you owned a house that appreciated in value you are probably doing okay Likely creating a large divide between those that owned a house 5-10 years ago and those that didn t The trend is alarming for the average household A good job isn t enough anymore to promise a good home Need more housing less then 400k and/or $1500/mo Requires bold action or accepting reality, no half measures
Key Takeaways: If you owned a house that appreciated in value you are probably doing okay Likely creating a large divide between those that owned a house 5-10 years ago and those that didn t The trend is alarming for the average household A good job isn t enough anymore to promise a good home Need more housing less then 400k and/or $1500/mo Requires bold action or accepting reality, no half measures
Key Takeaways: If you owned a house that appreciated in value you are probably doing okay Likely creating a large divide between those that owned a house 5-10 years ago and those that didn t The trend is alarming for the average household A good job isn t enough anymore to promise a good home Need more housing less then 400k and/or $1500/mo Requires bold action or accepting reality, no half measures
Key Takeaways: If you owned a house that appreciated in value you are probably doing okay Likely creating a large divide between those that owned a house 5-10 years ago and those that didn t The trend is alarming for the average household A good job isn t enough anymore to promise a good home Need more housing less then 400k and/or $1500/mo Requires bold action or accepting reality, no half measures
Key Takeaways: If you owned a house that appreciated in value you are probably doing okay Likely creating a large divide between those that owned a house 5-10 years ago and those that didn t The trend is alarming for the average household A good job isn t enough anymore to promise a good home Need more housing less then 400k and/or $1500/mo Requires bold action or accepting reality, no half measures
Key Takeaways: If you owned a house that appreciated in value you are probably doing okay Likely creating a large divide between those that owned a house 5-10 years ago and those that didn t The trend is alarming for the average household A good job isn t enough anymore to promise a good home Need more housing less then 400k and/or $1500/mo Requires bold action or accepting reality, no half measures
Key Takeaways: If you owned a house that appreciated in value you are probably doing okay Likely creating a large divide between those that owned a house 5-10 years ago and those that didn t The trend is alarming for the average household A good job isn t enough anymore to promise a good home Need more housing less then 400k and/or $1500/mo Requires bold action or accepting reality, no half measures
