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The 16th Annual Demographia International Housing Affordability Survey: 2020 analyzed affordability in 7 Anglophone countries and Hong Kong. Among this sample, the housing markets with the least affordable real estate prices are Hong Kong, Vancouver, and Sydney. The top three housing markets with the most affordable real estate prices based on major housing markets are Rochester, New York, Cleveland, Ohio, and Oklahoma City, Oklahoma. This survey was performed by Demographia, a global analysis firm. [1]

Methodology

The prices are based on data from the third quarter of 2019. The housing markets ranked are located in Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, United Kingdom, and the United States. The report also includes special coverage on Russia.

The housing markets are ranked on middle income housing affordability, which uses the " median multiple". This was calculated by taking the median house price divided by the median gross pre-tax household income of the housing market. The median multiple is used widely for analyzing housing markets and is recommended by the World Bank and the United Nations. It has also been used by the Joint Center for Housing Studies at Harvard University.

Demographia uses housing affordability ratings to categorize each housing market's median multiple. [1]

Demographia housing affordability ratings [1]
Housing affordability rating Median multiple
Affordable 3.0 and under
Moderately unaffordable 3.1 to 4.0
Seriously unaffordable 4.1 to 5.0
Severely unaffordable 5.1 and over

List

The report is split into two rankings, one for major housing markets, and one for all housing markets. The list below shows the rankings from the most unaffordable housing market to the most affordable housing market for the major housing markets. The list contains 92 housing markets. [1]

Rank
(3rd quarter 2019)
Housing market Country/territory Median multiple
1 Hong Kong   Hong Kong 20.8
2 Vancouver   Canada 11.9
3 Sydney   Australia 11.0
4 Melbourne   Australia 9.5
5 Los Angeles   United States 9.0
6 Toronto   Canada 8.6
6 Auckland   New Zealand 8.6
8 San Jose, California   United States 8.5
9 San Francisco   United States 8.4
10 London (Greater London Authority)   United Kingdom 8.2
11 Honolulu   United States 8.0
12 San Diego   United States 7.3
13 Bournemouth and Dorset   United Kingdom 6.9
13 Adelaide   Australia 6.9
15 London Exurbs (east and southeast England)   United Kingdom 6.6
16 Bristol and Bath   United Kingdom 6.5
17 Brisbane   Australia 6.3
18 Plymouth and Devon   United Kingdom 6.0
18 Perth   Australia 6.0
20 Swindon and Wiltshire   United Kingdom 5.8
21 Northampton and Northamptonshire   United Kingdom 5.7
22 Seattle   United States 5.5
23 Riverside-San Bernardino   United States 5.4
23 New York metropolitan area   United States 5.4
23 Miami   United States 5.4
23 Leicester and Leicestershire   United Kingdom 5.4
27 Denver   United States 5.3
27 Greater Boston   United States 5.3
29 Sacramento, California   United States 5.2
29 Fresno, California   United States 5.2
31 Portland metropolitan area   United States 5.1
32 Las Vegas   United States 5.0
32 Birmingham and West Midlands   United Kingdom 5.0
34 Montreal   Canada 4.7
34 Middlesbrough and Durham, England   United Kingdom 4.7
34 Dublin   Ireland 4.7
37 Singapore   Singapore 4.6
37 Salt Lake City   United States 4.6
37 Manchester and Greater Manchester   United Kingdom 4.6
37 Hull and Humber   United Kingdom 4.6
41 Nottingham and Nottinghamshire   United Kingdom 4.5
41 Newcastle upon Tyne and Tyneside   United Kingdom 4.5
43 Stoke-on-Trent and Staffordshire   United Kingdom 4.4
43 Providence metropolitan area   United States 4.4
43 Orlando   United States 4.4
46 New Orleans   United States 4.3
46 Derby and Derbyshire   United Kingdom 4.3
48 Phoenix, Arizona   United States 4.2
48 Leeds and West Yorkshire   United Kingdom 4.2
50 Tucson, Arizona   United States 4.1
50 Tampa Bay area   United States 4.1
50 Ottawa-Gatineau   Canada 4.1

See also

References

  1. ^ a b c d "16th Annual Demographia International Housing Affordability Survey: 2020" (PDF). Demographia. Retrieved 27 January 2021.