Quote:
Originally Posted by GeoNerd
There are many other great neighbourhoods within the greenbelt that a family of 4 can comfortable live with even modest incomes.
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OK, Ottawa's Median Family income is $86,000
Lets assume "modest" is median income (who cares about the other 50%!)
After tax, health care plans, pension etc... Lets say you have $60k, or $5k Net per month
Please prepare us budget
Assume person has minimal savings, create a plan for them to save up enough to buy a house, maintain family with 2 kids, daycare etc...
You will see that it is nearly impossible... even if you are buying a $600k townhouse in the burbs
10% down plus transfer tax and moving fees would need upfront $75k... how do you save up $75K... it will take you 5 years, then you will need more money because house cost way more... endless cycle.
Regardless, assume you get the $75k, $600k, 1.6% mortgage is $2300 per month, + 400 for taxes and another $300 for basic utilities, $100 insurance
$3100 per month. You are left with $1900 for groceries, vehicles(s), maintenance & repairs, furniture, clothes, entertainment, kids sports... YIKES! Assume just one car, that's around $600-$700 "all-in" per month for an affordable car. Daycare for before of after school will set you back another $600-$800
Let's hope you got 100% government Job security as well
This is for the Median? for cheapest townhouse?
I would hate to be lower income than median