The United States ranked in the top spot on the eighth Annual Demographia International Housing Affordability Survey, which measures the affordability of homes in 325 markets in the U.S., Australia, Britain, Canada, China (Hong Kong), Ireland, and New Zealand.
The survey focuses on housing prices in metropolitan markets and is determined by measuring the median house price divided by gross annual median income. Markets are then assigned an affordability rank ranging from “Affordable” (3 and under) to “Severely Unaffordable” (5.1 and above).
The U.S. scored a 3, followed by Ireland, with 3.3. Of the 128 markets deemed affordable, 117 were in the U.S. The most affordable major market was Detroit (1.4) followed by Atlanta, Phoenix, Rochester (NY), Cincinnati, Cleveland and Las Vegas.
Of the 211 American metropolitan markets surveyed, 117 were most affordable, 64 were moderately affordable, 16 seriously unaffordable and 14 severely unaffordable.
All major markets in Australia and New Zealand were severely unaffordable, and Hong Kong was the least affordable major market (12.6).
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I think making home affordable is the most noble gesture the goverment can make to the peolpe.
Interesting how the ‘journo’ of the article does not compare the nations unemployment rates
with ‘affordability’ The U.S. has a U3 rate of 11+%, with a U6 rate of over 22%.
Affordability doesn’t mean shite…if there is little to no purchasing power and a diminished laborforce.
Useless article.