The US was the most affordable country in the study (File)
Pittsburgh was named the most affordable city for housing, as the cost of accommodation globally soars.
Hong Kong, long the world’s most expensive city for housing, ranked last out of 92 housing markets assessed in the Demographia International Housing study. New York ranks 73rd while London ranks 79th.
The US was the most affordable country in the study, the study also looked at markets in Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore and the UK. In most major economies, home prices have exploded during the pandemic, with buyers pouring their savings into real estate.
“There has been an unprecedented decline in housing affordability during the pandemic,” author Wendell Cox wrote in Wendell Cox in the third quarter 2021 earnings-to-home price comparison report. The report compares income to house prices for the third quarter of 2021. “through 2019.”
The authors said Oklahoma City and Rochester, New York, ranked second and third on the affordability list. Sydney and Vancouver ranked among the most affordable.
In a sign of growing tensions in many markets, Canada is barring most foreigners from buying homes for two years and offering billions of dollars to boost construction activity in an attempt to cool the market. Real estate is on the rise.
