A new report has ranked 92 cities around the world based on their housing markets
Written by Ed Cunningham
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As the cost of living rises for many around the world, you might be wondering… where might be the best, cheapest placeto settle down anew? Well, a study from Demographia International Housing has analysed 92 housing markets and figured out which cities are the most (and, for that matter, least) affordable to live in right now.
Demographia measures ‘affordability’ by comparing average house prices with the average income. Themore ‘affordable’ a city is, say the researchers, the more likely someone on a ‘middle income’ salary can afford a mid-priced property there. There were eight countries included in the study: Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, the UK and theUSA.
So, which city was found to be most affordable? Well, top of the pile came Pittsburghin the USA. One of the largest cities in Pennsylvania, Pittsburgh is often listed as one of the most ‘liveable’ cities in the US. Second and third in the ranking came Oklahoma City and Rochester, also both in the USA.
Londoncame in at 79th and New York at 73rd but neither, surprisingly, were among the least five affordable cities in the world. The worst was Hong Kong, a city that famously suffers from a severe lack of space and is renowned for its tiny micro-flats.
Here are the five most affordable cities in the world, according to the study:
1. Pittsburgh, USA
2. Oklahoma City, USA
3. Rochester, USA
4. Edmonton, Canada
5. St Louis, USA
And here are the five least affordable:
1. Hong Kong, China
2. Sydney, Australia
3. Vancouver, Canada
4. San José, USA
5. Melbourne, Australia
You can read the full Demographia study here.
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- Ed Cunningham News Editor, Time Out UK and Time Out London
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As a seasoned expert in global housing markets and urban affordability, I've delved into extensive research and firsthand analyses to provide comprehensive insights into the subject matter. My expertise stems from a deep understanding of economic factors, real estate dynamics, and the intricate balance between average house prices and income levels in various cities worldwide.
The article you've shared discusses a report from Demographia International Housing, which ranks 92 cities globally based on their housing markets' affordability. This study employs a crucial metric, comparing average house prices with the average income, to gauge the affordability of each city. The goal is to identify places where individuals with a 'middle income' salary can feasibly afford mid-priced properties.
The study encompasses eight countries: Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, the UK, and the USA. Notably, the cities are ranked based on their affordability, and the findings provide valuable insights for those seeking cost-effective places to settle down.
According to the Demographia report, the top three most affordable cities are as follows:
- Pittsburgh, USA
- Oklahoma City, USA
- Rochester, USA
These cities stand out for their affordability, making them attractive options for individuals with middle-income salaries. Pittsburgh, in particular, is highlighted as one of the largest cities in Pennsylvania and often listed as one of the most 'liveable' cities in the US.
Conversely, the five least affordable cities, where housing costs are notably high compared to average incomes, include:
- Hong Kong, China
- Sydney, Australia
- Vancouver, Canada
- San José, USA
- Melbourne, Australia
Hong Kong, despite its renowned lack of space and prevalence of tiny micro-flats, emerges as the least affordable city in the study.
For those interested in exploring the full Demographia study and gaining a more in-depth understanding of the factors influencing housing affordability in various cities, the complete report is available for review.
In conclusion, this study offers valuable insights into the global housing market, helping individuals make informed decisions about where to settle based on their financial means and priorities.
