The 10 least affordable housing markets in the world

[Texacon]

https://finance.yahoo.com/photos/10-least-affordable-housing-markets-slideshow-wp-220601121/p-rank-283-br-nation-photo-220601799.html

Now in its 14th year, the Housing Affordability Survey, issued by Demographia International, explores 293 metropolitan housing markets in nine countries: Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States. Assessed in the third quarter of 2017, 92 major metropolitan markets with a population of more than 1,000,000 people are included.

snip

Where a market falls in terms of unaffordability (from moderately to severely) is based on the ‘median multiple,’ which is the median house price divided by the median household income. It’s “how much is made” versus “how much one can afford” when buying property, and for over a decade one of Canada’s cities has remained as one of the most expensive places to live: Vancouver.

snip

Ok class, who here can tell me what trend they see when looking at these markets?  Markets that come from all over the world.

KC

[thundley4]

https://finance.yahoo.com/photos/10-least-affordable-housing-markets-slideshow-wp-220601121/p-rank-283-br-nation-photo-220601799.html



Ok class, who here can tell me what trend they see when looking at these markets?  Markets that come from all over the world.

KC

Racial diversity?

[Eupher]

https://finance.yahoo.com/photos/10-least-affordable-housing-markets-slideshow-wp-220601121/p-rank-283-br-nation-photo-220601799.html



Ok class, who here can tell me what trend they see when looking at these markets?  Markets that come from all over the world.

KC

Socialism/proglodytism/liberalism/diseased thinking

[freedumb2003b]

6/10 are in California.

Only the wealthy or the homeless can afford to live there.

[Texacon]

Socialism/proglodytism/liberalism/diseased thinking

Absolutely!

KC

[Texacon]

6/10 are in California.

Only the wealthy or the homeless can afford to live there.

That absolutely blew my mind.  Out of the ENTIRE world, 6 out of the 10 of the least affordable places to live are in California.  Wow.  I knew housing was bad out there, but I had no idea it was that bad.

KC

[SVPete]

From http://www.demographia.com/dhi.pdf :

Table 7
All Housing Markets: 10 Least Affordable

283 U.S. Salinas-Monterey, CA 9.1

283 U.S. San Francisco, CA 9.1

285 U.S. Honolulu, HI 9.2

286 U.S. Los Angeles, CA 9.4

286 U.S. Santa Barbara, CA 9.4

288 Australia Melbourne, VIC 9.9

289 U.S. San Jose, CA 10.3

290 U.S. Santa Cruz, CA 10.4

291 Canada Vancouver, BC 12.6

292 Australia Sydney, NSW 12.9

293 China Hong Kong 19.4

Why the heading says "10 Least Affordable" when there are 11 markets listed, I'm not sure. The 3 worst are outside of the US, and 5 of the 11 are outside of CA.

[Texacon]

From http://www.demographia.com/dhi.pdf :

Why the heading says "10 Least Affordable" when there are 11 markets listed, I'm not sure. The 3 worst are outside of the US, and 5 of the 11 are outside of CA.

I've been to CA many times, but I don't know what the demographics are.  I do know that most of CA is rather conservative.  Are any of those CA places conservative strongholds?

KC

[SVPete]

I've been to CA many times, but I don't know what the demographics are.  I do know that most of CA is rather conservative.  Are any of those CA places conservative strongholds?

KC

SF is lunatic-liberal and Santa Cruz may not be too far behind. San Jose is fairly liberal, though business people sometimes are more realistic. The Land of LA is reliably liberal. I don't know Santa Barbara very well, but it is home to UC Santa Barbara.

Counting Salinas-Monterey as a single market strikes me as odd, though they are only 10 miles apart. Salinas is inland and agricultural. Monterey has CSU Monterey Bay with lots of eco-freaks. Nearby Pacific Grove, Pebble Beach, and Carmel are pretty ritzy and probably pretty liberal. I'm going to guess the rich liberals and eco-freaks outnumber the less unrealistic Ag people in the Salinas Valley.

Santa Cruz, San Jose, SF, and the Monterey Bay cities make building housing difficult and expensive, and LA is getting pretty loony as well. Government-created shortages in the face of growing demand drives up prices.

[Texacon]

SF is lunatic-liberal and Santa Cruz may not be too far behind. San Jose is fairly liberal, though business people sometimes are more realistic. The Land of LA is reliably liberal. I don't know Santa Barbara very well, but it is home to UC Santa Barbara.

Counting Salinas-Monterey as a single market strikes me as odd, though they are only 10 miles apart. Salinas is inland and agricultural. Monterey has CSU Monterey Bay with lots of eco-freaks. Nearby Pacific Grove, Pebble Beach, and Carmel are pretty ritzy and probably pretty liberal. I'm going to guess the rich liberals and eco-freaks outnumber the less unrealistic Ag people in the Salinas Valley.

Santa Cruz, San Jose, SF, and the Monterey Bay cities make building housing difficult and expensive, and LA is getting pretty loony as well. Government-created shortages in the face of growing demand drives up prices.

That's why what Trump is doing is so good for all of us.  Too bad those places don't realize how bad they're choking off business and all the good $$$ that goes with it.  Sure, some regulation is needed, but the liberals take it way too far, and in my humble opinion, it's usually done by someone who is doing nothing more than making sure they can justify their job.

KC