Hamilton third most ‘unaffordable’ city in Canada, study shows
Hamilton ranks as the third-most expensive city in Canada when it comes to the cost of living versus income, a new study suggests.
Data recently released by Canadian insurance provider PolicyAdvisor argues that New York City, Mississauga, Vancouver, Steeltown and Toronto are the top five most unaffordable places to live on either side of the border.
The study, conducted by the life insurance broker, looked at the 10 most-populous cities in both Canada and the United States, then compared the average cost of eight necessities, items and amenities: a movie ticket, a restaurant meal, a bottle of water, a cappuccino, a single-month gym membership, a transit fare, a one-month transit pass, as well as one month's rent.
Those combined costs were then compared against the average income of residents in the city.
The latest data focusing on affordability comes months after research from Oxford Economics showed that Hamilton was fifth-least affordable city in North America when it came to the cost of housing alone.
Based on the findings of the latest study, the average Hamiltonian spends at least 47 per cent of their income on the combined cost of the eight items and services.
According to the study, in Hamilton, the average takeout meal costs around $18.07, the lowest cost for a one-month gym membership is $44.58, a monthly transit pass costs an average of $110.47 and the average cost of rent hovers around $1,607.68.
Weighed against the average net monthly salary of $3,818.25 - the third-lowest of the 20 cities - the average resident would have around $1,794.58 left afterwards for other necessities and amenities such as groceries and utilities, according to the study.
Compared to other cities, Hamilton had the sixth-cheapest gym membership and the average cost of a monthly transit pass was more than double the price of one in San Antonio, Texas.
Nearby Mississauga and Toronto ranked second and fifth, respectively, while Vancouver came in third on the list. Ottawa landed in ninth, Montreal in 10th, Winnipeg in 11th, Brampton in 15th, Edmonton in 19th and Calgary in 20th.
Fallon Hewitt is a reporter at The Spectator. fhewitt@thespec.com