If you ever think of relocating, it's sometimes helpful to make a background research in the new city you're going to live in, in terms of its affordability. There are some cities that are livable enough for a medium family income, but there are other cities as well that top the list of being so expensive to live in.
This year, the 13th Annual Demographia International Housing Affordability Survey has released its new list of what cities in the world are the most expensive and unaffordable most especially in relation to its housing prices. In their study, they have analyzed over 9 countries and 406 housing markets to determine which cities you should think twice before relocation because of their inadequacy to accommodate medium income families.
"The number of severely unaffordable major housing markets rose from 26 to 29," said Oliver Hartwich, the executive director of the New Zealand Initiative. "We need to tackle housing affordability urgently because the effects of unaffordable housing on society are becoming more visible by the day ... We should not accept extreme price levels in our housing markets. High house prices are not a sign of city's success but a sign of failure to deliver the housing that its citizens need."
In the 9 countries analyzed by the study, the cities included in their top ten most expensive cities include Hong Kong at the number one spot, followed by Sydney, Australia, Vancouver, British Columbia, Auckland, New Zealand, and San Jose, California. For the 6th to 10th place, they are occupied by Melbourne, Australia, Honolulu, Hawaii, Los Angeles California, San Francisco, California, and Bournemouth & Dorset, UK.
All of these cities are severely unaffordable, but to some, the benefits and convenience of these cities are worth it for spending some extra bucks to live in there. The technological advantages, for example, are a plus; as well as the availability of high-class basic needs. Based on the study, the 9 countries which have the most expensive housing markets are Australia, New Zealand, China, Canada, the UK, and the US.
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