top 10 least affordable housing markets in the world
Demographia international housing affordability report of 2023 released in which Sydney ranked 93rd out of 94 metropolitan markets. There are many big changes inside the report.
Inflation, low housing income has affected the lifestyle.
Demographia International Housing Affordability rates middle-income housing affordability in 94 major housing markets in eight nations. The new report, which is for the 2022 September quarter, has ranked the markets on the basis of income.
The list of eight nations is Canada , China , Ireland , Australia , New Zealand , Singapore , United Kingdom , United States . This edition of report covers the third quarter of 2022.
WORLD’S LEAST AFFORDABLE HOUSING MARKETS
1. Hong Kong
5. San Jose
6. Los Angeles
8. San Francisco
11. San Diego
12. Greater London
15. Bournemouth and Dorsett
18. London Exurbs
19. New York City
20. Riverside-San Bernardino
Demographia principal and report author Wendell Cox, from the Urban Reform Institute, stated that “There is a broad view that deteriorating housing affordability is an existential threat to the middle-class,”
“Housing affordability in 2022 continued to reflect the huge price increases that occurred during the pandemic demand shock.
“Some housing affordability improvements have since occurred and more are likely as the demand shock is hopefully replaced by more normal market trends.”
The report revealed that Melbourne was more expensive than many other big names like Singapore, New York, Dublin, Greater London, Miami and Las Vegas too.
The report also found Sydney had the world’s 2nd least affordable median house price at 13.3 times higher than standard household incomes.
Australia’s housing markets have become unaffordable since the early 2000s. Australia’s major housing markets, Brisbane, Adelaide ,Perth, Melbourne, and Sydney are 5 housing markets.
“In a well-functioning market, the median-priced house should be affordable to a large portion of middle-income households, as was overwhelmingly the case a few decades ago,” the report states.
What is the source for Demographia report of Least Affordable Housing Markets In The World ?
The report of Demographia did not detail the median household income or property prices its findings. But they used different sources of data of different countries. Like the bad positions of Australian is because may be because of the source as In the report of Demographia they were based upon the Census of Australian Bureau of Statistics 2021 and data of Real Estate Institute of Australia.
Though Hong Kong has the least affordable home price, followed by Vancouver, Honolulu and San Jose.
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