Chapman University Releases International Housing Affordability Report Revealing None of the 95 Major Markets Affordable
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ORANGE, Calif., May 14, 2025 (GLOBE NEWSWIRE) — For the first time in the report's 21-year history, none of the 95 major housing markets analyzed across eight nations qualifies as 'affordable.' This alarming statistic headlines the newly released 2025 edition of Demographia International Housing Affordability, authored by Wendell Cox and published by Chapman University's Center for Demographics and Policy in partnership with The Frontier Centre for Public Policy.
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The annual report provides housing affordability ratings for the third quarter of 2024 in Australia, Canada, China (Hong Kong), Ireland, New Zealand, Singapore, the United Kingdom and the United States, offering a comprehensive and timely analysis of global housing market conditions.
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Joel Kotkin, director of the Center for Demographics and Policy at Chapman University, commented, 'Middle-income homeownership is increasingly out of reach in major urban centers. The consequences for generational equity, upward mobility, and regional economies are profound. Unless bold reforms are made, especially around land use and urban planning, we risk further deepening inequality and economic stagnation. That's why we're proud to continue this vital partnership with Canada's Frontier Centre for Public Policy.'
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The rankings in the report are based on a measure called the median multiple, which compares the median house prices in a market to the median household income. In other words, it answers the question, How many years of income would it take for a typical household to buy a typical home? For example, if the median home costs $300,000 and the pre-tax median household income is $75,000, the median multiple is 4.0. Markets are then rated on a scale ranging from 'affordable' (3.0 or less) to 'impossibly unaffordable' (9.0 or more). The higher the number, the harder it is for the middle-income households to afford homeownership.
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Top 10 Most Affordable Markets (All rated 'Moderately Unaffordable')
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1. Pittsburgh, PA (USA) – 3.2
2. Cleveland, OH (USA) – 3.3
3. St. Louis, MO-IL (USA) – 3.5
4. Rochester, NY (USA) – 3.6
5. Edmonton, AB (Canada) – 3.7
Middlesbrough & Durham (UK) – 3.7
Oklahoma City, OK (USA) – 3.7
Omaha, NE-IA (USA) – 3.7
9. Sheffield (UK) – 3.8
10. Cincinnati, OH-KY-IN (USA) – 3.9
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Top 10 Least Affordable Markets (All rated 'Impossibly Unaffordable')
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1. Hong Kong (China) – 14.4
2. Sydney (Australia) – 13.8
3. San Jose, CA (USA) – 12.1
4. Vancouver, BC (Canada) – 11.8
5. Los Angeles, CA (USA) – 11.2
6. Adelaide (Australia) – 10.9
7. Honolulu, HI (USA) – 10.8
8. San Francisco, CA (USA) – 10.0
9. Melbourne (Australia) – 9.7
10. San Diego, CA (USA) – 9.5
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