Whether buying a house or renting an apartment, spending more than 30% of one’s income on housing creates financial difficulties. The proportion of households spending 30% or more of their income on rent is an indicator of affordability and a potential contributor to homelessness.
According to a Social Housing Strategist Report (2004), in Niagara, 45.6% residents were spending more than 30% on housing (approximately. 19,000 households), with 21.5% paying more than 50%. Spending more than 30% has an impact on the monies available for other needs, including food. A higher percentage of Niagara residents were in this risk category compared to other parts of Ontario.
Source: http://www.nrh.ca/images/Niagara%20Region%20Summary%20Document.pdf; www.shs_inc.ca
Table 14 Proportion of Niagara Residents Spending a Significant Portion of Income on Rent
|
CMA |
Pays more than 50% of income on rent |
Pays more than 30% of income on rent |
|
St. Catharines- Niagara |
21.5% |
45.6% |
|
Hamilton |
20.7% |
43.8% |
|
Toronto |
20.0% |
42.2% |
|
Kitchener |
17.2% |
36.6% |
Source: http://www.nrh.ca/images/Niagara%20Region%20Summary%20Document.pdf; www.shs_inc.ca
Housing costs can be the single largest expenditure in a household, leaving little room for other necessities” (Niagara Regional Housing, 2008, p. 2).
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