Using the “mean multiple” approach — the median house price divided by the median household income — the data shows that the most “severely unaffordable major housing markets” are in Australia, New Zealand, China, Canada, the UK, and the US.
High house prices are not a sign of city’s success but a sign of failure to deliver the housing that its citizens need.”
10. Bournemouth & Dorset, UK
9. San Francisco
8. Los Angeles
6. Melbourne, Australia
5. San Jose, US
4. Auckland, New Zealand
3. Vancouver, British Columbia
1. Hong Kong, China
And this, my friends, is what we call fake news. High house prices are most definitely a sign of a city’s success – and the Real Bay Area is truly successful. Where’s our arch nemesis New York in this list? Banished! Where’s London? Missing!
Congrats everyone. Great work so far, but the job’s not done. Let’s keep our eyes on the prize and aim to take on those final four spots so we can be at #1 in the world!
What are you doing to help us become the #1 world’s most expensive real estate market?