Once again, Hong Kong takes the prize for the most expensive housing market in the world, according to an annual study.
The result shouldn’t come as a shock, since Hong Kong has led the list since it was first introduced onto the Demographia International Housing Affordability Survey seven years ago. Four U.S. locations rank in the top 10 most expensive cities, while the U.S. also captures eight of the 10 spots for most affordable cities in the world.
The survey assesses the median housing prices and median incomes to ascertain median multiples, which it uses to determine the rankings.
Least Affordable Housing Markets
1. Hong Kong, China
2. Sydney, Australia
2. Vancouver, Canada
4. Auckland, New Zealand
5. San Jose, Calif.
6. Melbourne, Australia
7. Honolulu, Hawaii
8. Los Angeles, Calif.
9. San Francisco, Calif.
10. Bournemouth & Dorset, U.K.
Most Affordable Housing Markets
1. Racine, Wis.
2. Bay City, Mich.
3. Decatur, Ill.
4. Elmira, N.Y.
5. East Stroudsburg, Penn.
6. Karratha, Australia
7. Lima, Ohio
8. Moncton, Canada
9. Peoria, Ill.
10. Rockford, Ill.