Prince Rupert has among the most affordable housing in northern B.C., according to a report released on May 28 by the Northern B.C. Real Estate Board.
The Housing Affordability Study looks at the percentage of median household income used to finance home ownership, including the mortgage, municipal taxes and fees, and utilities for single family homes. In Prince Rupert 30 per cent of household income goes toward those cost, which is below Terrace, Smithers, Prince George Fort St. John and 100 Mile House, which was the least affordable in the north at 45.7 per cent of household income. However, the number is below the affordability found in Mackenzie, Quesnel and Kitimat, which was the most affordable at 17.9 per cent of household income.
Regardless of where you live in northern B.C., the affordability index of 31.6 per cent is much greater than throughout the rest of the provincial average. In B.C. 66.4 per cent on median household income goes toward home ownership, a number that balloons to 82.2 per cent for those living in Metro Vancouver.
The numbers are based on the average selling price of a home in northern B.C. Of $245,000 and the average selling price in Metro Vancouver of $782,000. More than 75 homes would have had to be sold in a year for the community to be included in the study.