World’s “Impossibly unaffordable” cities ranking: Five cities in the US
California. Researchers from the Chapman University’s Centre for Demographics and Policy have been tracking home prices in 94 English speaking metropolitan cities of the world.
Report:
The Centre for Demographics and Policy just released their Demographia International Housing Affordability report that used the price to income ratio which is the median house price divided by the median household income. The result of this is the “median multiple rating”. The higher this rating the less affordable it becomes. Any score above 9 was considered to be “impossibly unaffordable”.
Hong Kong with a score of 16.7 topped the report on the list of unaffordable cities for the 14th year. It is the only city from Asia included in the list. This was followed by Sydney in Australia and Vancouver in Canada.
US Findings:
Five cities from the US made it to the top 10 list of impossibly unaffordable cities and four of them are in the state of California. Here is a list of five cities from the US:
San Jose, California- The median home price here in this city is $1.35 million and the median multiple Score is 11.9.
Los Angeles, California- The median home price here in this city is $1.27 million and the median multiple Score is 10.9.
Honolulu, Hawaii- The median home price here in this city is $650,000 and the median multiple Score is 10.5.
San Francisco, California- The median home price here in this city is $1.2 million and the median multiple Score is 9.7.
San Diego,
