By Kate Springer
They may be in opposite corners of the globe, but Hong Kong, Sydney and Vancouver have one thing in common.
They’re the top three most unaffordable housing markets in the world, according to the 13th Annual Demographia International Housing Affordability Survey: 2017, published today.
The Demographia report scores housing markets using the “median multiple” principle, which takes median house price divided by gross annual median household income to calculate affordability. This method has been recommended by the World Bank and the United Nations.
A total of 406 urban markets were analyzed in nine countries — Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, United Kingdom, and the United States — using data from the third quarter of 2016.
World’s 10 most expensive housing markets in 2017
1. Hong Kong, China
2. Sydney, NSW, Australia
2. Vancouver, BC, Canada
4. Auckland, New Zealand
5. San Jose, CA, US
6. Melbourne, VIC, Australia
7. Honolulu, HI, US
8. Los Angeles, CA, US
9. San Francisco, CA, US
10. Bournemouth & Dorset, UK
And the most affordable … The United States once again emerged as the most affordable major housing market, a title it has held for the past four years.
World’s 10 most affordable housing markets in 2017
1. Racine, Wisconsin, United States
2. Bay City, Michigan, United States
3. Decatur, Illinois, US
4. Elmira, New York , US
5. East Stroudsburg, Pennsylvania, US
6. Karratha, Australia
7. Lima, Ohio, US
8. Moncton, Nebraska, Canada
9. Peoria, Illinois, US
10. Rockford, Illinois, US
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