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The residents of Fort McMurray enjoy a much higher income when compared with the province of Alberta and the nation as a whole, with a cost of living that statistics show is very manageable. Wood Buffalo residents enjoy household incomes that, on average, are slightly more than double the national average of Canada. As a result, Wood Buffalo residents pay a premium for some necessities such as housing and transportation. Home construction and several projects to improve transportation and encourage use of public transit should improve the situation for citizens. At the same time, the region's lifestyle infrastructure can be accessed for a fraction of the cost as that of the southern portion of the province. A significant wage gap does exist in Fort McMurray and Wood Buffalo, and the cost of living at the lower end of the salary range can be prohibitive. Yet when compared with the nation and several of its largest metropolitan areas, citizens are not spending a proportionally higher amount on the basic staples of life. That leaves more money to spend on non-essential items, such as entertainment, which means economic opportunities abound for outside enterprise and small business development in Fort McMurray. For example, the average household in Wood Buffalo spends $14,500 a year on food, which is about 74 percent higher than the national average. But when you consider that people are making 103 percent more than the rest of the country, it means locals spend a lower proportion of their income on food than the rest of Canada. Transportation expenses in Wood Buffalo are in line with the rest of the country, as locals spend about $21,120, about 95% more than the national average. Owing to higher incomes and costs for goods and services, it's not surprising that Wood Buffalo residents have a tax burden more than double that of the national average ($44,600 to $21,400). Despite home prices that are 40 percent higher than in Calgary and Edmonton, two-thirds of Wood Buffalo residents own a home. Perhaps most telling about the relationship between income and cost of living is the fact that residents of Wood Buffalo have, on average, more than $30,000 per year in discretionary income. That amount is five times greater than those living in Vancouver, three times more than residents of Toronto and Edmonton, two and a half times greater than Ottawa and slightly less than double that of Calgary. In addition to this, residents spend more than double the national average ($12,731 to $6,038) on recreation and education. Comparisons of incomes and cost of living are also favorable when comparing Wood Buffalo to the main cities in Alberta, Calgary and Edmonton. Calgary's per capita income is 60 percent of Wood Buffalo, while Edmonton's is equal to 74 percent of Wood Buffalo. Yet residents in both cities pay a higher proportion of their income on food. Calgary residents also pay greater percentages of overall income toward housing and transportation, and have a higher tax burden relative to their gross income. Information about industry and housing in Fort McMurray. Additional information on Fort McMurray accommodations can be found at our website.
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