The Maney & LauRen Morning Show

The MRL Morning Show

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

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