The least affordable cities for potential homebuyers
What factors does the report attribute to the increasing unaffordability of housing in high-income nations?
The report attributes the increasing unaffordability of housing in high-income nations to land use policies that artificially restrict housing supply, driving up land prices and making homeownership unattainable for many.
What criteria did the 2024 Demographia International Housing Affordability report use to determine the affordability of cities for homebuyers?
The 2024 Demographia International Housing Affordability report determined the affordability of cities for homebuyers by calculating the ratios of the median house price to the gross median household income of 94 total cities in Australia, Canada, China, Ireland, New Zealand, Singapore, the U.K., and the U.S. This calculation resulted in the creation of an annual list that ranked cities based on their housing affordability.
What is the price-to-income multiple range for the cities listed as the least affordable, and which city has the highest multiple?
The price-to-income multiple range for the cities listed as the least affordable is from San Diego's 9.5 to Hong Kong's 16.7, according to the 2024 Demographia International Housing Affordability report. Hong Kong has the highest price-to-income multiple.