The most expensive cities to live in around the world in 2017 have been revealed in the 13th Annual Demographia International Housing Affordability Survey: 2017.
The study analysed 406 metropolitan housing markets in nine countries — Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, United Kingdom, and the United States — in the third quarter of 2016.
10. Bournemouth & Dorset, UK: A “severely unaffordable” market in previous surveys, the area of Bournemouth & Dorset is the 10th most expensive place to live around the world.
9. San Francisco, US: The California city came in 9th, with a median multiple — median house price divided by median household income — of 9.2.
8. Los Angeles, US: In LA, house prices rose the equivalent of 14 months in household income in only 12 months, giving it a median multiple of 9.3 and putting it in 8th place.
7. Honolulu, US: The Hawaiian capital was reclassified as a “major market” this year with a median multiple of 9.4 after proving to be “severely unaffordable” in all 13 previous editions of the survey.
6. Melbourne, Australia: Melbourne came in sixth place with a median multiple of 9.5.
5. San Jose, CA, US: Another Californian city, San Jose is the fifth most expensive city to live in with a median multiple of 9.6.
4. Auckland, New Zealand: Hitting a median multiple of 10, Auckland is the fourth most expensive city to live in around the world this year.
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3. Vancouver, BC, Canada: House prices in Vancouver rose the equivalent of a full year’s household income in only a year, making it the third least affordable place in the world with a median multiple of 11.8.
2. Sydney, Australia: Sydney is the second most unaffordable place to live in the world, with a median multiple of 12.2.
1. Hong Kong, China: For the seventh year in a row, Hong Kong has the least affordable housing market, with a median multiple of 18.1. This is down from 19 last year, the worst ever ranking on record.
Courtesy: Independent