Reported about 1 year ago
According to the latest 'Demographic International Housing Affordability Report,' Hong Kong tops the list of the ten most unaffordable housing places, followed by five cities on the West Coast and Hawaii in the rankings. The report compares average income with average housing prices in 94 major markets in eight countries, measuring housing affordability by calculating the median house price to median total household income ratio. Hong Kong ranks first as the 'impossible to afford' place, known for its small apartments and sky-high rents, with the lowest homeownership rate among all surveyed cities at only 51%. The most expensive buying cities in the US are in California, with San Jose, Los Angeles, San Francisco, and San Diego making it to the top ten, along with Honolulu, the capital of Hawaii, at sixth place. Sydney, Melbourne, and Adelaide in Australia also made the list of unaffordable housing places.
Source: YAHOO