Despite a slight decrease in rental prices in 麻豆精选, the Central Okanagan city has moved up one spot on Zumper Rental's monthly rent report.
Zumper uses data from online listings to create an approximation of the rental market in cities across North America. According to Zumper, the median one-bedroom rental in 麻豆精选 is valued at $1,850.
The median is the middle value in a dataset is organized in ascending or descending order. The median is calculated by finding the middle value in an ordered data set. For example; the median price in a data set of five where candy is priced at $1, $2, $10, $11 and $53, would be $10 because it is in the centre of the ordered data set. Median values do not account for outliers and extreme values and are only an indication of the centre of a data set.
While Zumper reports that the median rent in 麻豆精选 has decreased by 4.1 percent since March, and is down 2.1 percent since last year, the rest of the country has also seen decreases in median rental prices, moving 麻豆精选 up one spot on the rental price list to seventh.
Additionally, Zumper suggests that people allocate approximately 30 per cent of their pre-tax income to rent, meaning that to afford the median one-bedroom rental in 麻豆精选 would require a household income of approximately $74,000.
In B.C., the current minimum wage is $17.40 per hour, meaning if a person works 40 hours a week for 52 weeks a year at a minimum wage job they will make approximately $33,478 per year, before taxes. B.C.'s minimum wage is set to increase across the province to $17.85 on June 1.
Using Zumper's guidelines of allocating no more than 30 percent pre-tax income to rent, in 麻豆精选 two people who live in the same residence and both work full-time at minimum wage jobs are unable to afford the median price of a one-bedroom rental.
In 2020, Statistics Canada found that the median household income after taxes in 麻豆精选 was $73,500.
