As the cost of living rises for many around the world, you might be wondering… where might be the best, cheapest place to settle down anew? Well, a study from Demographia International Housing has analysed 92 housing markets and figured out which cities are the most (and, for that matter, least) affordable to live in right now.
Demographia measures ‘affordability’ by comparing average house prices with the average income. The more ‘affordable’ a city is, say the researchers, the more likely someone on a ‘middle income’ salary can afford a mid-priced property there. There were eight countries included in the study: Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, the UK and the USA.
So, which city was found to be most affordable? Well, top of the pile came Pittsburgh in the USA. One of the largest cities in Pennsylvania, Pittsburgh is often listed as one of the most ‘liveable’ cities in the US. Second and third in the ranking came Oklahoma City and Rochester, also both in the USA.
London came in at 79th and New York at 73rd but neither, surprisingly, were among the least five affordable cities in the world. The worst was Hong Kong, a city that famously suffers from a severe lack of space and is renowned for its tiny micro-flats.
Here are the five most affordable cities in the world, according to the study:
1. Pittsburgh, USA
2. Oklahoma City, USA
3. Rochester, USA
4. Edmonton, Canada
5. St Louis, USA
And here are the five least affordable:
1. Hong Kong, China
2. Sydney, Australia
3. Vancouver, Canada
4. San José, USA
5. Melbourne, Australia
You can read the full Demographia study here.
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