While some of our international neighbors clearly disagree with us on a few things, there appears to be one area that we’re all in agreement on – U.S. housing markets are the most affordable in the world.
The aforementioned statement is based on a recent study of more than 300 metro housing markets in nine countries as conducted by the research group Demographia.
Researchers measured affordability by taking a look at median home prices and median household incomes.
A market was rated “unaffordable” if it had a calculated value of higher than 3.0 and was “severely unaffordable” if above 5.1. The U.S. averaged 3.4 as a whole, making it more affordable than other countries.
Can you guess which city was labeled the world’s priciest? Well, you may have guessed that it was Hong Kong. Consider this – to live on Hong Kong Island alone, a resident would pay about $900 for just a 150-suqare-foot apartment. Wow!
Of course, we’re always at the ready to help you find the most affordable deal. Let’s connect real soon!!