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US Cities Lead World in Housing Unaffordability
19 Feb
Summary
- San Jose is the world's least affordable city for housing.
- US cities dominate the top least affordable housing markets.
- Detroit is the most affordable city globally to buy a home.
Homeownership is becoming an unattainable dream in numerous major cities worldwide. New global research highlights that the United States harbors the four least affordable housing markets, with California's coastal cities dominating the rankings. San Jose, California, is identified as the least affordable city globally, where average workers can only afford roughly 27.3 percent of a typical property.
Other US cities like Los Angeles, Long Beach, and San Diego also feature prominently among the least affordable. New York, Miami, and San Francisco further underscore this trend, with seven US cities in the global top ten. This situation arises as strong wage growth has failed to keep pace with escalating home prices.
Conversely, Detroit, Michigan, is recognized as the most affordable city globally. Here, single average earners can afford over 240 percent of a typical property price. Other affordable markets include cities in Germany and Southern Europe, such as Catania and Palermo in Italy, indicating significant disparities in housing affordability across different regions.
