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The16th Annual Demographia International Housing Affordability Survey: 2020 analyzed affordability in 7 Anglophone countries and Hong Kong. Among this sample, the housing markets with the least affordable real estate prices areHong Kong,Vancouver, andSydney. The top three housing markets with the most affordable real estate prices based onmajor housing markets areRochester, New York,Cleveland, Ohio, andOklahoma City, Oklahoma. This survey was performed by Demographia, a global analysis firm.[1]
The prices are based on data from the third quarter of 2019. The housing markets ranked are located inAustralia,Canada, Hong Kong,Ireland,New Zealand,Singapore,United Kingdom, and theUnited States. The report also includes special coverage onRussia.
The housing markets are ranked on middle income housing affordability, which uses the "median multiple". This was calculated by taking the median house price divided by the median gross pre-tax household income of the housing market. The median multiple is used widely for analyzing housing markets and is recommended by theWorld Bank and theUnited Nations. It has also been used by theJoint Center for Housing Studies atHarvard University.
Demographia uses housing affordability ratings to categorize each housing market's median multiple.[1]
| Housing affordability rating | Median multiple |
|---|---|
| Affordable | 3.0 and under |
| Moderately unaffordable | 3.1 to 4.0 |
| Seriously unaffordable | 4.1 to 5.0 |
| Severely unaffordable | 5.1 and over |
The report is split into two rankings, one formajor housing markets, and one forall housing markets. The list below shows the rankings from the most unaffordable housing market to the most affordable housing market for the major housing markets. The list contains 92 housing markets.[1]
