Here is world's most affordable and least affordable cities to buy a home
The study showed US as the most affordable country, which also examined markets in Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, UK.
The Urban Reform Institute and the Frontier Centre for Public Policy presented the 2022 edition of Demographia International Housing Affordability. This report provides housing affordability ratings, using the median multiple, a measurement of income in relation to housing prices, for 92 major markets (metropolitan areas) in eight nations for the third quarter of 2021.
The report published in Bloomberg Quint showed the United States as the most affordable country in the study, which also examined markets in Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore and the UK. In most major economies, home prices boomed during the pandemic, with buyers pouring their lockdown savings into real estate.
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Pittsburgh has been named the most affordable city for housing, as accommodation costs around the globe surge.
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Oklahoma City ranked second on the affordability list. It is been considered the second most affordable city for housing as per a report in Bloomberg Quint.
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This was followed by Rochester in New York, United States that ranked third on the affordability list.
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In terms of housing affordability, New York ranked 73rd in the list of the least affordable cities to buy a house.
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London came in at 79th spot on the affordability list. It is among the least affordable cities to buy a home. In most of the major economies, home prices boomed during the pandemic, with buyers pouring their lockdown savings into real estate to buy homes.
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Hong Kong, long the world's most expensive city for housing, ranked bottom of the 92 housing markets assessed in the Demographia International Housing study. The number of severely unaffordable markets rose 60% in 2021 compared to 2019, study says.
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After Hongkong, Sydney and Vancouver ranked among the least affordable cities as per the study at number two and three, followed by San Jose (Canada),and Melbourne in the fourth and fifth positions of least affordable cities to buy a home.
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