This city is the least affordable place for housing in the world

Hong Kong medium cost of living - highest in the world

The housing market in Hong Kong is 19 times the city’s median annual household income, according to
the latest survey by the public policy firm Demographia.

The international survey, which began 12-years ago, has never recorded numbers this high.

Hong Kong already set the previous record —17 times household income — following last year’s survey. The country has held the top spot for the last six years in a row.

The survey examines urban areas with median home prices more than three times household income to be unaffordable. Those areas are at the highest risk of falling into a housing bubble.

After Hong Kong, the second least affordable city is Sydney (12.2 times household income), followed by Vancouver (10.8 times).

In the United States San Jose features a multiple of 9.7, while San Francisco is close behind with 9.4.

All 13 major markets that the survey ranked as affordable were in the US.

The least affordable housing markets with multiples of 2.6 in the US include Cincinnati, Cleveland, and New York’s Buffalo and Rochester.

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87 major metropolitan markets with populations of 1 million were examined in nine countries: Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, the UK and the US.

Written by John Howard

John Howard

John Howard is the Business Editor at BusinessPundit.com. He is an avid watcher of markets, a wallflower of retail, and a fan of disruptive businesses that utilize technology and unique ideas to form brilliant new ways of doing business. He can be reached at Student Loan Ninja