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World’s Most Affordable & Most Expensive Cities for Housing

 

As global accommodation costs rise, Pittsburgh has been named the most affordable city for housing. Hong Kong, which has long been the world’s most expensive housing market, came in last place out of 92 housing markets studied in the Demographia International Housing study. New York was ranked 73rd, and London was ranked 79th.

In the study, which looked at markets in Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, and the United Kingdom, the United States was the most affordable country. During the pandemic, home prices soared in most major economies, as buyers invested their lockdown savings in real estate.

“During the pandemic, there has been an unprecedented deterioration in housing affordability,” the report’s author Wendell Cox wrote, comparing incomes to home prices in the third quarter of 2021. “Compared to 2019, the number of severely unaffordable markets increased by 60% in 2021.”

Oklahoma City and Rochester, New York, were ranked second and third on the affordability list, respectively. Sydney and Vancouver were among the most expensive cities. In an attempt to cool off a soaring real-estate market, Canada is prohibiting most foreigners from purchasing homes for two years while also providing billions of dollars to spur construction activity.

Hong Kong, which has long been the world’s most expensive housing market, came in last place out of 92 housing markets studied in the Demographia International Housing study. New York was ranked 73rd, and London was ranked 79th.

Most Affordable Cities For Housing

  • Pittsburgh, PA, U.S.

  • Oklahoma City, OK, U.S.

  • Rochester, N.Y., U.S.

  • Edmonton, AB, Canada

  • St Louis, MO-IL, U.S.

Least Affordable Cities For Housing

  • Hong Kong, China

  • Sydney, Australia

  • Vancouver, Canada

  • San Jose, CA, U.S.

  • Melbourne, Australia
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