The places hardest to afford a home (infographic)

10 March 2020
362 Views

Big cities like London or San Francisco are well-known for their expensive real estate markets. But there are also a lot of housing markets you wouldn’t necessarily expect among the least affordable – that includes several in Australia and New Zealand.

According to the 2020 International Housing Affordability Survey by Demographia, three out of the 10 least affordable housing markets are in Australia and New Zealand and three more are located in the United States. The least affordable housing market is Hong Kong. Here, the median house price is almost 21 times as high as the median annual gross household income. After Hong Kong, New Zealand was the least affordable location in the study, which looked at the U.S., Canada, the UK, Hong Kong, Singapore, Australia, New Zealand and Ireland, followed by Australia.

The makers of the study note that Australian major markets (including Sydney and Melbourne) have all seen reduction or stagnation in house prices recently, but that prices remain at a high level. They credit the severe unaffordability in Australia and New Zealand to the countries’ urban consolidation laws, that mostly prohibit real estate development outside of pre-existing urban areas.

source statista Infographic: The Places Where It’s Hardest to Afford a Home | Statista

You may be interested

Paros is the best island in Europe for 2020: Travel + Leisure
GREECE
shares13 views
GREECE
shares13 views

Paros is the best island in Europe for 2020: Travel + Leisure

Panos - Jul 09, 2020

The Greek island of Paros is the best island in Europe, according to Travel + Leisure. The well-known travel magazine…

Greece, Hungary discuss energy cooperation
GREECE
shares15 views
GREECE
shares15 views

Greece, Hungary discuss energy cooperation

Panos - Jul 09, 2020

Greek Environment and Energy Minister Kostis Hatzidakis on Thursday met with Hungary's Foreign Affairs and Trade Minister Peter Szijjarto. The…

Turkish actions in Mediterranean counterproductive for stability, US State Dept. says
GREECE
shares12 views
GREECE
shares12 views

Turkish actions in Mediterranean counterproductive for stability, US State Dept. says

Panos - Jul 09, 2020

Deputy Assistant Secretary of State for European and Eurasian Affairs Matthew Palmer expressed Washington’s deep concern over Turkey’s actions in…

Leave a Comment

Your email address will not be published.