A new report highlights the growing reality for millennials.
Forget buying a home: renting in Metro Vancouver is becoming unaffordable for most.
Vancity’s William Azaroff says their latest report shows renting is no longer a viable alternative for many working households.
“Usually rental is considered an alternative to home ownership, but in a lot of cases rental is no more affordable or available than home ownership.”
The report says just two neighbourhoods within Vancouver’s city limits are even affordable for renters these days, namely East Hastings and Marpole.
But Azaroff says even moving to the suburbs, where rent might be cheaper, comes with an affordability crunch.
“If you’re saving a bit of money housing, but you’re spending a lot more running your vehicle or in public transit or whatever your options are, then that eats into your affordability.”
The report also dispels the myth renters are primarily employed in low-wage service jobs.