The Most & Least Affordable Cities In The World
It’s become a lot harder to buy a home in the U.S. over the last few decades, but it’s not just a problem in this country. According to CBS News, there is a new report that reveals the cities around the world that are most affordable, as well as those that are “impossibly unaffordable,” and five of that top 10 are in the U.S.
- A study from Chapman University and Frontier Centre for Public Policy, a Canadian think tank, looks at housing affordability in 94 English-speaking major metropolitan cities worldwide.
- Researchers used the price-to-income ratio, dividing the median home price of a community by the median household income to come up with an affordability score for each city.
- Higher scores mean the area is less affordable and scores over 9 are considered “impossibly unaffordable.”
- Topping the list as the most affordable city in the world is Pittsburgh, Pennsylvania, which has a 3.1 score.
- The median home sale price in Pittsburgh was $235-thousand as of May, which is down almost 8% from a year ago.
- To Compare, the median U.S. home price reached an all-time high last week of $394-thousand.
- Still, the U.S. is home to nine of the top 10 most affordable cities, but five of the top 10 least affordable cities are also in the U.S.
Most Affordable Major Cities in the World
- Pittsburgh, Pennsylvania
- Rochester, New York
- St. Louis, Missouri
- Cleveland, Ohio
- Edmonton, Alberta (Canada)
- Buffalo, New York
- Detroit, Michigan
- Oklahoma City, Oklahoma
- Cincinnati, Ohio
- Louisville, Kentucky
Least Affordable Major Cities in the World
- Hong Kong, China
- Sydney, New South Wales, Australia
- Vancouver, British Columbia, Canada
- San Jose, California
- Los Angeles, California
- Honolulu, Hawaii
- Melbourne, Victoria, Australia
- San Francisco, California
- Adelaide, South Australia, Australia
- San Diego, California
These North Carolina Cities Are The Best For Buying Starter Homes
Large Cities
30. Charlotte, NC
45. Raleigh, NC
Neither major city in North Carolina faired particularly well. Charlotte did rank a little higher than Raleigh which I would guess would have been reversed. Only 55 large metros were ranked however so both cities are among the worst. Great news, not!
Midsize Cities
9. Hickory, NC
18. Myrtle Beach, SC
23. Winston-Salem, NC
28. Greensboro, NC
31. Asheville, NC
32. Fayetteville, NC
42. Greenville, SC
69. Durham/Chapel Hill, NC
72. Charleston, SC
If you’re looking to purchase a starter home in North Carolina then the midsize cities are your best bet. Cities like Hickory, Myrtle Beach, and Winston-Salem are where you’ll fair the best. The worst midsize cities are Durham/Chapel Hill and Charleston.
Small Cities
20. Rocky Mount, NC
23. New Bern, NC
37. Sumter, SC
47. Goldsboro, NC
48. Spartanburg, SC
80. Florence, SC
81. Burlington, NC
118. Jacksonville, FL
121. Greenville, SC
154. Hilton, Head, SC
159. Wilmington, SC
There is a lot of variation in the small cities, the more desirable waterfront locations are going to cost you more than smaller towns. But if you are willing to forgo city life these places can be a great place to put down roots.
