We all know that Timmins, like many resource communities, faces some housing issues. Now, thanks to our ongoing Housing Strategy study and project, we have an idea of just how many in the city are experiencing affordability problems. According to the study by SHS, 24% of renters in the city are spending 30-49% of their household take home pay on housing. “Affordable housing” is considered to be no more than 30% of income. Another 10% of renters are spending 50% or more of their household income on housing. That means that for about 1 in 3 people who rent housing in Timmins, rentals are not affordable (1850 households).
The situation looks a little better for people who own their own homes. About 7% of those who own a house are spending 30-49% of their household income on it. Another 6% are spending 50% or more. That translates to 1500 households.
The study looked at historical rates and found that affordability has actually INCREASED since 1995. The full study (Phase 1) is due for release at the end of March.