Fort Saskatchewan is the ninth most affordable housing market out of 25 municipalities in Alberta, according to a recent report released on Zoocasa.com.
Zoocasa sourced the average home price as reported by local real estate boards and calculated how much a borrower would need to earn in order to qualify for a mortgage on that home, assuming a 20 per cent down payment, a 30-year amortization and mortgage rate of 3.33 per cent.
That calculation was then compared to actual median incomes earned in each municipality as reported by Statistics Canada.
"According to our study, a household (in Fort Saskatchewan) would need an income of $56,456 to qualify for a mortgage on the average local home price of $413,871," said Zoocasa managing editor Penelope Graham. "As the actual median income is $116,309, such a buyer would enjoy an income surplus of $59,853."
In comparison, Sherwood Park was ranked as the fourth most affordable housing market in the province. Based on an average income of $124,239, Park residents would have an affordability surplus of $66,937 on the average home price of $420,070.
"The largest takeaway from this study was that housing affordability in relation to incomes is generally good throughout the province of Alberta," Graham added. "A buyer earning the median household income in their municipality is able to afford the average priced home in their market, even in the most expensive urban centres, with cash left over."
Fort McMurray was ranked as the most affordable major housing market in Alberta, while Canmore rounded out the list as the least affordable.