2024-05-10 28Hse Editor
reported that many industries were sluggish under the epidemic, but property prices were less affected. According to the latest survey released by Demographia, an international public policy consultancy, Hong Kong has been ranked as the world's most unaffordable city for the 12th consecutive year, and the affordability has further deteriorated. Far away from Sydney, Australia (15.3), which rose to second place.
It takes 23.2 years to get on the bus without eating or drinking
The survey compares housing affordability ratios in 92 major markets (metropolitan areas) across 8 countries based on property prices and incomes as of the third quarter of 2021, calculated by dividing a city's median property price by households The annual median income is calculated, the larger the value, the worse the affordability. According to the latest figures from Hong Kong, that means it takes a family 23.2 years without food or drink to afford a home.
According to the latest survey by Demographia, Hong Kong's index is severely unaffordable. Sydney, which ranked third last year, replaced Vancouver in second place. Vancouver ranked third with a house price-to-income ratio of 13.3.
The reason for the decrease in household income
Hong Kong's latest index was 2.4 above its pre-coronavirus level in 2019, with roughly half of the increase due to lower household incomes, the report said. The report also pointed to an unprecedented deterioration in housing affordability in major global metropolises last year due to the coronavirus pandemic and its associated demand shock. The epidemic continues to disrupt the living standards of the general public, the housing market and the national economy.
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