According to US think tank Demographia, Hong Kong and Vancouver, two cities that many think are similar, have been ranked the least affordable housing markets in the world.
The survey looked at cities in Australia, Canada, Ireland, Japan, New Zealand, Singapore, the US and the UK and Hong Kong.
Unlilke most international housing affordability rankings and “city” rating sources that tend to focus on higher end housing that would be demanded by executives who might transfer from one nation to another. The Demographia International Housing Affordability Survey focuses on the middle of the market, the average household.
Hong Kong was the least affordable market with an affordability rating of 14.9. A housing affordability rating of 5.1 and over is classified as “severely unaffordable” and a reading of below 3 is considered “affordable.”
Vancouver ranked second least affordable market in the world with a rating of 10.3. This is the sixth consecutive year that Vancouver ranked as one of the two least affordable housing markings in the world.
Image by Clayton Perry Photoworks