Quote:
Originally Posted by LockedOut
Is anyone able to answer this? What kind of annual income would an individual or a couple need to be making, minimum or recommended, to afford an average priced home in Calgary, which I believe is around $460,000, on a 25 year mortgage? 40 year mortgage?
|
Just fooling around on the MLS.ca website and going on a 25 year mortgage... I'd say at least $72,000 a year or $6,000 a month. That's assuming a monthly mortgage payment of around $2,700/mth. That is an average of $3,000/month per person, or two people making $36,000/year after taxes.
It doesn't leave a huge threshold for savings either. More comfortably would be about $96,000/yr. - $8,000 a month, or an average of $48,000/yr - $4000/month per person.
Its not a real educated answer, but just a little fooling around with basic math. I'm also assuming one already has the downpayment monies somehow.