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Asia Today ISSN 1861-4604 Wednesday, July 18, 2018

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Hong Kong, Sydney named the world’s most unaffordable cities

14th Annual Demographia

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SYDNEY, Australia - A survey ranking the world’s more unaffordable cities has placed Hong Kong, Sydney right at the top, amongst the 293 metropolitan housing markets studied in nine countries.

According to the 14th Annual Demographia International Housing Affordability Survey rated Hong Kong as the least affordable city in the world. 

Incidentally, Hong Kong has topped the survey’s list for last eight years, as did Sydney.

In Hong Kong, the surveyors found that median home price is up to more than 19 times the median yearly income in the city. 

In comparison, a home was 18 times more expensive than median income in 2017.

In Australia meanwhile, every major housing market was ranked “extremely unaffordable” in the international survey.

Vancouver was the third least affordable market in the world.

The survey pointed out that Vancouver is at great danger of a housing bubble.

The survey also cited the UBS Global Real Estate Bubble Index as evidence of the growing fears over overheated Canadian markets.

London, Miami and New York too were found to be “extremely unaffordable.”

The survey which looked at major metro areas in Australia, Canada, Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States ranked Sydney as the second least affordable in the world.

Authors of the study said that the survey classifies markets as “extremely unaffordable” when the median home price is more than five times the median household income. 

Further, markets are said to be deemed affordable when the median price is only three times median income or less.

According to the findings of the survey, only ten metro markets with populations over one million were found to be “affordable.” 

These were all small Rust Belt cities in the United States, including places like Rochester, New York, and Cincinnati, Ohio. 

Meanwhile, many West Coast cities like San Francisco, Santa Barbara and Los Angeles were named “extremely unaffordable.”

Santa Cruz was ranked as the least affordable city in the U.S. and the fourth least affordable city in the world.

 

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