Published on : Wednesday, January 22, 2020
In the 16th Annual Demographia International Housing Affordability Survey: 2020 which ranked 309 cities in eight countries around the world on how expensive their housing was the Asian metropolis came top.
Considering the median house price divided by the median household income the affordability was measured and Hong Kong ranked first. It had a median multiple score of 20.8 which implies that the average house prices were more than 20 times a typical household income. This was due to the tight government control on new property development. This year it went down from 20.9 in 2019.
The second spot was taken by Vancouver having a median multiple of 11.9 and Sydney took the third spot at 11.
Among the 10 least affordable city to live in was Melbourne, Los Angeles, Toronto and Auckland, San Jose in California and Greater London.
The most affordable places to live were in the US and the average house being just shy of four times’ the average household income.
Rochester had a median multiple of 2.5, followed by Oklahoma City and Cleveland, Buffalo, Cincinnati, Pittsburgh and St. Louis, Indianopolis, Hartford and Tulsa.
With a median multiple of 4.4, Canada came second, followed by Singapore, the UK and Ireland.
Canada came second, with a median multiple of 4.4, followed by Singapore and the UK (4.6) and Ireland at 4.7.
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