The most expensive cities to live in around the world in 2017 have been revealed in the 13th Annual Demographia International Housing Affordability Survey: 2017.
The study analysed 406 metropolitan housing markets in nine countries — Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, United Kingdom, and the United States — in the third quarter of 2016.
Using the "mean multiple" approach — the median house price divided by the median household income — the data shows that the most "severely unaffordable major housing markets" are in Australia, New Zealand, Chia, Canada, the United Kingdom, and the United States.
<>Oliver Hartwich, executive director of the think tank behind the research, The New Zealand Initiative, spaid: "The number of severely unaffordable major housing markets rose from 26 to 29. 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."Scroll down to see the 10 most expensive cities to live in around the world in 2017.
10. Bournemouth & Dorset, UK: A "severely unaffordable" market in previous surveys, the area of Bournemouth & Dorset is the 10th most expensive place to live around the world.
9. San Francisco, US: The California city came in 9th, with a median multiple — median house price divided by median household income — of 9.2.
8. Los Angeles, US: In LA, house prices rose the equivalent of 14 months in household income in only 12 months, giving it a median multiple of 9.3 and putting it in 8th place.
7. Honolulu, US: The Hawaiian capital was reclassified as a "major market" this year with a median multiple of 9.4 after proving to be "severely unaffordable" in all 13 previous editions of the survey.
6. Melbourne, Australia: Melbourne came in sixth place with a median multiple of 9.5.
5. San Jose, CA, US: Another Californian city, San Jose is the fifth most expensive city to live in with a median multiple of 9.6.
4. Auckland, New Zealand: Hitting a median multiple of 10, Auckland is the fourth most expensive city to live in around the world this year.
3. Vancouver, BC, Canada: House prices in Vancouver rose the equivalent of a full year’s household income in only a year, making it the third least affordable place in the world with a median multiple of 11.8.
2. Sydney, Australia: Sydney is the second most unaffordable place to live in the world, with a median multiple of 12.2.
1. Hong Kong, China: For the seventh year in a row, Hong Kong has the least affordable housing market, with a median multiple of 18.1. This is down from 19 last year, the worst ever ranking on record.
*** Business Insider
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