There’s an incredible range of housing costs across Hamilton, as a recent report to city council shows. Last year, the average selling price for a home, for instance, ranged from
- $516,400 in the downtown area to
- $1.2 million in Flamborough, more than double the downtown average.
Even the lowest average isn’t affordable for most Hamiltonians. To qualify to buy a home at that comparatively low downtown average price would require you to have an income of about $120,000, plus a hefty down payment.
Rents don’t vary as much in different parts of the city. The average rent for a vacant one-bedroom unit ranges from $1,310 to $1,714 and for two-bedroom vacant units, from $1,652 to $2,047. Again, even the lowest averages aren’t affordable for many city residents.
The average of $1,310 would only be affordable to someone with an annual income above $52,400. Half of all single Hamiltonians had an income below $40,400 in the 2021 Census. Today’s minimum wage would provide an income of only $35,200 if one was fortunate enough to work full-time, all year. It would take two full-time, full-year minimum wage jobs to afford the lowest average rent for a two-bedroom unit.