Hong Kong was found to be the least affordable city for homebuyers out of dozens in eight countries in a recently released report.
The 2024 Demographia International Housing Affordability report calculated the ratios of the median house price to the gross median household income of 94 total cities in Australia, Canada, China, Ireland, New Zealand, Singapore, the U.K. and the U.S. to create its annual list.
This year, four of the countries had representation among the least affordable cities for homebuyers, with five of the 10 cities found to be "impossibly unaffordable" located in the U.S., the report said.
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These are the least affordable of the 94 markets, according to the Demographia International Housing Affordability report:
The range of the median price-to-income multiples of the least affordable cities ranged from San Diego's 9.5 to Hong Kong’s whopping 16.7, per the report.
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Housing affordability "is disappearing in high-income nations as housing costs now far outpace income growth," it said. The report attributed that largely to "land use policies that artificially restrict housing supply, driving up land prices and making homeownership unattainable for many."
The report included a total of 56 U.S. metro areas in its ranking, with 11 of those found to be "moderately unaffordable," 23 to be "seriously unaffordable," 17 to be "severely unaffordable" and five to be "impossibly unaffordable."
Pittsburgh, which had a 3.1 median price-to-income ratio, was ranked the most affordable market, according to the report.
In the U.S., homes sold for a median $439,716 last month, according to Redfin data.
