bc

4 out of 5 Tenants in Nanaimo Report Spending Over 30% Of Their Income On Rent

Spending more than 30% of your income on your housing alone is not going to leave much room left for phone, food, a car, insurance, and other daily services and goods that you might need. Add to some of the highest gas prices in the nation as well and you’ve got a recipe for disaster.

Many are struggling just to get by and the more they feel the pinch the more the issue of housing might become a concern with voters today around B.C.

Officials in Nanaimo have been recently looking at the issue. Several surveys have been conducted to assess what is going on with landlords and renters today. And unfortunately some officials might even be shocked to find out how much people are spending on rent to live in this area of B.C..

It’s important to know what people in the community are facing, with housing being a basic need for millions, so they should be more in-tune with their communities and the struggles that they are facing with rent costs.

Of those more than 400 renters in Nanaimo who completed the survey there had been around 79% who said they were spending more than 30% of their income on just rent alone.

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Even more worrisome is the 28% who reported that they were spending more than 50% of their income on rent.

Anyone who is renting around B.C. can tell you that it has been getting more difficult over the years in terms of housing prices going up in multiple regions, and wages haven’t been going up right along with it.

Thousands of families have been making the decision to leave the province because they cannot afford to live here any longer.

If the problem persists then how many more are going to leave? Eventually, there will be a problem with finding people who will be able to do many jobs in cities around B.C. because they won’t be many who are able to afford to live nearby to do them.

In the 1970s it’s estimated that the ratio of housing prices compared to median wages had been roughly 3 to 1 in the Metro Vancouver region. But this has changed drastically, as it was estimated several years ago that the ratio had since grown to 13 to 1 and there is no clear solution in sight to change this.

Based on that drastic difference it shouldn’t come as any surprise to any officials in B.C. that things are getting more costly for people living in the province.

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Even for families with multiple full-time working professionals they still find themselves unable to afford decent housing and are struggling to make it work.

For those who cannot afford suitable housing it often isn’t a simple matter of them buying too many coffees, or not working hard enough, the issue is much bigger than that. And a few coffees aren’t going to sway the difference in enabling families around the Lower Mainland to suddenly be able to afford housing here.

There is great difficulty in finding appropriate accommodation as well, especially for those who own pets or those who might use medicinal cannabis. It can also be hard finding family-friendly rentals as well.

As the situation persists in many areas around B.C. it will be interesting to see what officials come up with to try and address the problem. The more costly that housing becomes for British Columbians then the more important this issue is going to be with voters.

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