A new report from the Regional District of Central Okanagan (RDCO) says Kelowna residents need an average income of nearly $52,000 to properly afford to rent a one-bedroom apartment in the city. 

According to the Canadian Mortgage and Housing Corporation, the "relative affordability" of housing in a community is determined by the average cost of rent or mortgage versus household income.

Statistics Canada pegs the average income for a single person household in Kelowna at $31,934, with the average cost of a bachelor suite at $892, a one-bedroom unit at $1,014 and a two-bedroom unit at $1,300. 

At those rental rates, residents will need to spend far more than 30% of their monthly wage to afford any bed in the city and close to half of their wage to afford a proper one-bedroom unit.

Photo Credit: RDCO.

“Rental affordability is particularly challenging for younger households,” states the report from RDCO.

“Single persons under the age of 25 do not appear to be able to afford average rental prices even with 50% of their median gross income spent on rent.”

Kelowna residents earning $42,207 can just afford a one-bedroom unit at $1,014 a month with the $1,055 that represents 30% of their monthly income.

However, an income of $42,207 is considered the average income of a "Lone-Parent" meaning a two-bedroom unit is more appropriate for a family situation. 

According to the report, a lone parent earings that annual salary would be stuck spending well over 30% of their income. 

Those numbers are even scarier when compared to a national rent report from PadMapper, which pegs Kelowna as the eighth-most expensive rental market in Canada.

According to PadMapper, the average monthly price is $1,340 for a one-bedroom and $1,600 for a two-bedroom unit.

Those numbers mean residents earning $42,207 would be spending close to 50% of their montly income on a one-bedroom unit.