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10 Cities with the Most Expensive Housing

10 Cities with the Most Expensive Housing

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10 Cities with the Most Expensive Housing


The difference between house prices and incomes is astounding...
 
You get to the end of the month and your bank account is looking rather grim. Then, you let out a sigh of relief when your salary gets deposited, but it doesn’t last long because a big chunk of it will go towards paying your house and bills. You start thinking how this place must be the most expensive one on earth! But is it really?

The 2017 Annual Demographia International Housing Affordability Survey was recently released and can provide you with some insight if you live in one of the countries included in the data. The survey looked at 406 housing markets across eight countries – Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore and the United Kingdom.
 
They reached the results based on a “mean multiple” method. It’s calculated by dividing the median house price by the median household income, which calculates the least affordable housing markets. Anything over 5.1 is deemed severely unaffordable.

10. Bournemouth & Dorset, UK – 8.9

The median price of a house is £265,000 while the average household income is £29,900.

Bournemouth & Dorset

9. San Francisco, California, USA – 9.2

The median price of a house is $835,400 while the average household income is $90,400.

San Francisco

8. Los Angeles, California, USA – 9.2

The median price of a house is $593,900 while the average household income is $63,900.

Los Angeles

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7. Honolulu, Hawaii, USA – 9.4

The median price of a house is $745,300 while the average household income is $78,900.

Honolulu

6. Melbourne, Australia – 9.5

The median price of a house is A$740,000 while the average household income is A$78,200.

Melbourne, Australia

5. San Jose, California, USA – 9.6

The median price of a house is $1,000,000 while the average household income is $104,100.

San Jose

4. Auckland, New Zealand – 10

The median price of a house is NZ$830,800 while the average household income is NZ$83,000.

Auckland

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3. Vancouver, British Columbia, Canada – 11.8

The median price of a house is Can$830,100 while the average household income is Can$70,500.

Vancouver

2. Sydney, Australia – 12.2

The median price of a house is A$1,077,000 while the average household income is A$88,000.

Sydney

1. Hong Kong, China – 18.1

The median price of a house is HK$5,422,000 while the average household income is HK$300,000.

Hong Kong
 
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