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231, Bitarap Turkmenistan Avenue
Oguzkent Residence, 106
Hong Kong tops the list of cities with the most expensive housing: the price of a house there is equal to 14 years of family income.
Housing costs are rising worldwide, but in some cities the rise is particularly noticeable. The main reason is a shortage of available land and high demand for apartments and houses. In some megacities, the average home price exceeds annual family income by 10, 12, and even 14 times.
According to a study published on the Visual Capitalist portal, the Asian metropolis of Hong Kong topped the ranking of cities with the most expensive housing.
The study compared housing prices and incomes in 94 cities. The top twenty included the largest cities in North America, Australia, New Zealand, and the UK. It's important to note that London made the ranking twice: as a city and as a collection of suburbs, where housing is also very expensive. Cities with the most expensive housing (ratio of average home price to annual household income, in times):
Hong Kong — 14.4
Sydney — 13.8
San Jose — 12.1
Vancouver — 11.8
Los Angeles — 11.2
Adelaide — 10.9
Honolulu — 10.8
San Francisco — 10
Melbourne — 9.7
San Diego — 9.5
Brisbane — 9.3
Greater London — 9.1
Toronto — 8.4
Perth — 8.3
Miami — 8.1
Auckland — 7.7
Bristol-Bath metropolitan area (England) — 7.5
New York City — 7.4
Warrington and Cheshire — 7.4
London suburbs — 7.3
