Homes in Hong Kong ranked least affordable for 11th year
Underscoring the income disparity in the city, Hong Kong, yet again remains the world’s-least affordable housing market for the 11th year. Hong Kong’s median property price dropped slightly to 20.7 times its median household income in 2020, from 20.8 times a year prior.
A combination of declining income and escalating property prices during 2020 prompted affordability to worsen in most cities. Vancouver kept its second position with the median property value rising to 13 times household income, compared with 11.9 in 2019. Sydney remained the third-most unaffordable housing market, followed by Auckland, which jumped from the sixth place the year before.
An influx of new buyers, especially in the suburbs, sent prices escalating in many of these cities. Many low-income and middle-income households who already have suffered the worst consequences from housing inflation could see their standard of living further decline, the report said.