What You Can Afford With an Annual Household Income of $150K in Kingston?

It doesn't take a genius to know that buying a house is not a decision you take in the spur of the moment. Most of us cannot just decide to buy a house today and then go out and bag one tomorrow. There needs to be a plan and for this plan to exist certain prerequisites have to be met. Having a decent annual household income is arguably one of the most important prerequisites.

So, is an annual household income of $150K good enough?

On one hand, the median household income in Canada is $79,000. This means that a household income of $150,000 is significantly above average. On the other hand, a 2021 survey by the Bank of Canada found that 62% of Canadians believe home prices are unaffordable, which is very true! A significant number of Canadians, including those with high incomes, believe that $150,000 is not enough to buy a home.

We, however, believe that it all depends on what you are buying and where. Searching for a luxurious home in Kingston? Likely. In Mississauga? Not so much. Don't believe us then let us show four properties that have recently been sold in Kingston that are a perfect example of the kind of property you can get with an annual household income of $150K.

Sold Price: $670,000

This is a 3+1 bedroom, 2 bathrooms with 1 Garage single-family residence that was sold for $670,000 within 30 days of listing. Located on a quiet crescent in a popular central-west neighbourhood, this beautiful bungalow impressed its new owners from the get-go. Equipped with a custom renovated kitchen, a south-facing backyard and a fully furnished lower level this property had a lot going for it and that too on a budget.

Sold Price: $560,000

Sold just within 19 days of listing, this was a beautiful townhouse with 3 beds, 3 baths and 1 garage. Be it a stunning open-concept main floor, a well-appointed kitchen or a living room that featured a gas fireplace this home had it all. This is a two-storey home that came packed with 3 large bedrooms along with a dedicated laundry room checking both the boxes of style and functionality.

Sold Price: $605,000

This house likes to do everything big as it comes packed with 3+2 beds, 2 baths, 1 garage and a parking space for 4. This is a double-family residence that never runs out of space. The lower level is like a two-bedroom apartment that is tastefully decorated, while the upper floor features three updated bedrooms, including a primary bedroom with a walk-out deck. From an above-ground pool to a backyard with a hot tub, this had something for everyone.

Sold Price: $530,000

This spacious condo boasts two bedrooms, 2 bathrooms, and a garage. It was conveniently located within walking distance of "The Hub" and downtown, offering amenities like balcony access from both the living room and primary bedroom, as well as extras like a fitness room, party room, and a rooftop garden. This property showcased how comfortable and stylish city living can be, even at a budget-friendly price.

THERE'S ALWAYS MORE!

These sold properties were only an example of what you can expect in Kingston with an annual income of $150k, and there is a lot more house for sale waiting for you at The Canadian Home. While perceptions of affordability can differ, the showcased properties exemplify the potential to find a comfortable and suitable home within this budget range. Kingston's real estate market presents a diverse selection, emphasising that the path to homeownership involves aligning financial capacity with personal preferences for a residence that truly feels like home.