The 2022 edition of the Demographia International Housing Affordability study has just been released. Affordability is defined by the relationship between housing prices and income.
International Affordability Study Released
Presented by The Urban Reform Institute, a non-profit that focuses on cities as generators of upward mobility, and the Frontier Centre for Public Policy, a Canadian think tank focusing on economic growth, the 2022 edition of the Demographia International Housing Affordability study has just been released.
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This research study analyzed income in relation to housing prices in 92 major markets of eight nations including Australia, Canada, China, Ireland, New Zealand, Singapore, the United Kingdom and the United States.
Most Affordable National Rankings
Interestingly, and even surprisingly, the US was the most affordable country for housing in this study. Ireland, Singapore, China and New Zealand all tied as the most expensive places for housing worldwide
- United States – most affordable
- United Kingdom – semi-affordable
- Australia – moderately affordable
- Canada – moderately affordable
- Ireland – 4-way tie of most expensive
- Singapore – most expensive
- China – Hong Kong – most expensive
- New Zealand – most expensive
Least Affordable Global Housing Markets
Higher numbers represent least affordable
- Hong Kong China – 23.2
- Sydney NSW – 15.3
- Vancouver BC – 13.3
- San Jose CA – 12.6
- Melbourne VIC – 12.1
- Honolulu HI – 12.0
- San Francisco CA – 11.8
- Auckland NZ – 11.2
- Los Angeles CA- 10.7
- Toronto ON – 10.5
Most Affordable Global Housing Markets
Lower numbers represent more affordable
- Pittsburgh PA – 2.7
- Oklahoma City OK – 3.3
- Rochester NY – 3.3
- Edmonton AB – 3.6
- Louis MO-IL – 3.6
- Cleveland OH – 3.7
- Glasgow UK- 3.8
- Cincinnati OH-KY-IN- 3.8
- Buffalo NY – 3.9
- Calgary AB – 4.0
Context
Wendell Cox, author of this report, wrote, “There has been an unprecedented deterioration in housing affordability during the pandemic.”
This study indicates there has been a +60% increase of severely unaffordable markets since the last pre-pandemic year of 2019.
With thoughts to contain growing wealth inequality felt worldwide, this study considers that “the urban growth boundaries and greenbelts of urban containment must be accompanied by sufficient land for urban expansion to maintain affordability. This land needs to be competitively prices to keep house prices from rising disproportionately to incomes.”
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Thanks to Bloomberg and 2022 Edition of the Demographia International Housing Affordability study.
