How Much More Affordable is Housing in the US Compared to Canada? | Zoocasa Blog

0 SharesWhen it comes to housing affordability, prospective buyers across North America are facing a narrowing range of options. As home prices have increased, so too has the cost of living. Simultaneously, median incomes have been inching up at a slower rate, further widening the gap between what median-income earners can afford and the actual prices of homes.While housing markets in both the US and Canada are affected by rising interest rates and low inventory, Canadian buyers are particularly affected, especially as they have smaller median incomes and less buying power. For instance, in 2021, the median household income in the US was $75,149, while in Canada the median household income was $54,074 ($73,000 CAD). The disparity between the two countries becomes more pronounced when examining national average home prices. In 2022, a year when home prices in both nations reached record highs, the average home price in Canada was still over $30,000 higher than in the US, even though Can...