On March 21, the International Housing Affordability report released by Demographia, an international public policy consultancy, showed that Hong Kong topped the list of the world’s most unaffordable cities for housing for the 12th consecutive year, based on the median house price divided by the median household income. Hong Kong’s house price to income level was 18.8 in 2022.
However, the ratio of property prices to income fell from 23.2 in the previous year to 18.8, the sharpest improvement in the 19 years since the survey was conducted. According to the statistics, a family still needs 18.8 years’ income to buy a home.
Demographia pointed out that the property price to income ratio of 5.1 and above is “Severely Unaffordable,” the latest ranking of second to fifth are Sydney, Australia; Vancouver, Canada; Honolulu, and San Jose, where the index is 13.3, 12, 11.8 and 11.5….