Most Affordable Housing Market
The United States picked the rank of the most affordable major housing market in 2018, with housing prices 3.9 times household income, followed by Canada (4.3) and Singapore (4.6), among major economies in the world.
Hong Kong has been ranked the world's least-affordable housing market for a ninth straight year, homes in the city also got further out of reach for most residents, according to the Demographia Housing Affordable Survey. The city's median property multiple(median house price divided by the median household income) climbed to 20.9 times the median household income in 2018, up from 19.4 times a year earlier. Vancouver was ranked the second-most unaffordable market, followed by Sydney - where the housing boom has recently gone into a pause. Melbourne came in the fourth, followed by San Jose and Los Angeles.
The survey rates middle-income housing affordability using the "median multiple", which is the median house price divided by the median household income.
The study covered 309 metropolitan markets across eight countries, including Australia, Canada, Britain, Ireland and the US, as of the third quarter of 2018. Twenty-nine major housing markets were classed as "severely unaffordable".
- APMR News