The 12th Annual Demographia International Housing Affordability Survey for 2016 was recently released showing that 12 U.S. cities were rated as some of the most affordable housing markets in the world.
According to the survey, the most affordable major metropolitan markets in 2015 were in the United States, which had a moderately unaffordable rating of 3.7.followed by Japan, with a Median Multiple of 3.9. Major metropolitan markets were rated “seriously unaffordable,” in Canada (4.2), Ireland (4.5), the United Kingdom (4.6) and Singapore (5.0). The major markets of Australia (6.4), New Zealand (9.7) and Hong Kong (19.0) were severely unaffordable (Table ES-2).
The most affordable metropolitan markets (overall) were in the United States, with 14 markets rated as “affordable.” The 10 most affordable markets were (#1-tie) Buffalo, Cincinnati, Cleveland, Rochester, (#5) Pittsburgh, (#6-tie) Detroit, Grand Rapids, Oklahoma City, St. Louis, (#10-tie) Columbus, Indianapolis and Kansas City, all with Median Multiples under 3.0, and rated as affordable.