Graphic Truth: Who can afford to buy a house these days?

August 15, 2024

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Graphic of housing costs in Canada.

Paige Fusco

Over the past two decades, home prices in the US and Canada have skyrocketed, and household incomes haven’t kept up. In 2023, the average Canadian home cost $678,282, more than 10 times the average Canadian annual income. In 2003, for comparison, a home cost just 5.8 times the average household income. And in the US, median household income increased about 60% between 2000 and 2020, while the average price of a home nearly doubled.

Small wonder that people in both countries are increasingly pessimistic about the prospect of homeownership. A Gallup survey from May found the vast majority of Americans (76%) say it’s a bad time to buy a house. It seems that on both sides of the border, more and more people are giving up on ever owning a home.

Here’s a look at the increase in home prices and median household income in Canada and the US, from 2000 to 2020. We have to ask: Is homeownership even a dream worth pursuing now? We’d love to hear your thoughts.

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