As of the latest data, Hong Kong remains at the top of the list as the world’s most unaffordable housing market. The price to income ratio in Hong Kong is a staggering 20.9, meaning that the average home costs over 20 times the average yearly income. With property prices continually climbing, it’s become almost impossible for younger generations to enter the property market without significant financial help. For many, owning property in Hong Kong is simply out of the question. This has led to a growing divide between the wealthy property owners and the rest of the population.
Vancouver, Canada, is another city where soaring property prices are making it increasingly difficult for locals to secure a home. With a price to income ratio exceeding 10, the city’s housing market has been driven by a combination of limited supply, foreign investment, and local demand, pushing property prices to eye watering levels. While Vancouver remains a desirable place to live due to its high quality of life and stunning natural surroundings, many residents are being priced out of the market, leaving them with few affordable housing options.
Australia’s largest city, Sydney, has been caught in a property price bubble for years. With property prices routinely exceeding 10 times the average salary, Sydney is one of the most unaffordable cities in the world. The demand for property in the city is driven by a combination of strong population growth, foreign investment, and limited land availability. With rising interest rates and high property taxes, breaking into the housing market has become a distant dream for many.
While London has long been a global financial hub, its property market is also one of the most expensive in the world. With house prices consistently surpassing 10 times the average income, many potential buyers are finding it harder to keep up with the rising costs. London’s property market has seen significant foreign investment, and despite efforts to cool the market, the trend continues to push prices higher. For many people, owning property in the capital is no longer a feasible option.
New Zealand’s largest city, Auckland, has witnessed a massive surge in property prices over the past decade. The price to income ratio in Auckland now exceeds 9, making it one of the most expensive cities in the world in relation to wages. The rapid increase in property values, combined with high demand, has made homeownership increasingly difficult for locals. The affordability issue in Auckland has sparked a debate around housing policies, with many calling for changes to curb foreign investment and increase housing supply. Until these issues are addressed, however, Auckland’s housing market remains firmly beyond reach for many.
