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Old 12-20-2017, 06:45 PM
 
Location: London, UK
1,900 posts, read 844,845 times
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According to a report by Bloomberg the 10 most unaffordable cities relating to local salary income and how much percentage of income goes towards property rental/purchase are (figures based on an average 3 bedroom property):

1. Caracas
2. Kiev
3. Hanoi
4. Mumbai
5. Buenos Aires
6. Bogota
7. Moscow
8. Rio de Janeiro
9. Beijing
10. Shanghai


Source: Bloomberg


On the other spectrum the most affordable cities when it comes to cost of property and local salary income are:

1. Riyadh
2. Houston
3. Philadelphia
4. Calgary
5. Chicago
6. Ottawa
7. Montreal
8. Portland
9. Basel
10. Cape Town


Source: Bloomberg


New York is ranked somewhere near the middle of the index and London is the most expensive city in western Europe where average monthly rent and mortgage payments equal 135% of monthly net income.

It would be interesting to investigate further and see how true these findings are. In the UK we have three main property websites where you can find almost every residential property available on the market in the UK. In order of market share:

1. Right Move Rightmove - UK's number one property website for properties for sale and to rent
2. Zoopla Zoopla
3. Prime Location https://www.primelocation.com/
What are the main listing sites in your city/country and what do you believe are the most/least affordable cities in your country?

Last edited by Pueblofuerte; 12-20-2017 at 07:50 PM..
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Old 12-20-2017, 07:15 PM
 
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Worst: Hong Kong, Shanghai, Beijing, London, and Tel Aviv. Extremely unaffordable in both the renting department and the buying department. Ultimate housing disasters.

Best: American big cities (excl. heavyweights like New York, LA, Bay Area, Seattle etc.). You can’t find another country where buying a house/apartment is as easy. Renting is pretty expensive though, even considering the high income.
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Old 12-21-2017, 02:05 AM
 
Location: Cebu, Philippines
278 posts, read 38,562 times
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A list of cities would be very different from the same criteria being used on a list of countries. These anomalies might mostly reflect the premium that goes with urban living, and not the comparative cost of housing in the listed regions.

Another thing we dont know is whether the numbers for each city are for the municipally defined city, or the metro area, which could shift things heavily. In many countries the cost of housing rises sharply in the inner city, and its dirt cheap in the suburbs, and just the opposite in other markets.
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Old 12-21-2017, 03:26 AM
 
Location: London, UK
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As far as I'm aware the index is based on prices in the urban core not including Satelite towns or met area.
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Old 12-22-2017, 04:49 PM
 
Location: Miami-Jax
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Surprised HK is not on there.
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Old 12-23-2017, 07:35 AM
 
Location: western East Roman Empire
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Quote:
Originally Posted by Pueblofuerte View Post
It would be interesting to investigate further and see how true these findings are.
These surveys are useful as general guidelines, but each person/family will have its own wealth/income/expense matrices as well as other measures according to unique circumstances and preferences.


Quote:
According to a report by Bloomberg the 10 most unaffordable cities relating to local salary income and how much percentage of income goes towards property rental/purchase are
Just for example, in major, even middling, global cities, especially coastal ones, wealth, mobile across capital markets, is a bigger determinant of affordability than local salary income.

Also, many people establish their own businesses, whose income can dwarf local salary income.

Big global, often coastal, cities are vibrant and expensive, including wealthy, highly skilled professionals and business people, capable of generating a high level of production, and local salary income is only a minor factor (for better and for worse).

Quote:
1. Caracas
2. Kiev

3. Hanoi
4. Mumbai
5. Buenos Aires
6. Bogota

7. Moscow
8. Rio de Janeiro
9. Beijing
10. Shanghai
Worth noting that people with mobile capital and at least half a brain move out of the cities bolded (many come to Miami and a few other US cities), leaving behind local chieftains and working or unemployed poor, all with less than half a brain and capable of little real production.

I suspect that circumstances in the Asian cities and Moscow need more explaining.
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Old 12-23-2017, 11:46 AM
 
Location: Vancouver, BC
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And people keep saying how Vancouver is so unaffordable... it certainly is when it comes to real estate but it's got nothing on the top cities on that list.
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Old 12-23-2017, 11:50 AM
 
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Quote:
Originally Posted by deneb78 View Post
And people keep saying how Vancouver is so unaffordable... it certainly is when it comes to real estate but it's got nothing on the top cities on that list.
By North American standard it's amongst the worst one.
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Old 12-23-2017, 01:38 PM
 
2,632 posts, read 1,541,798 times
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Quote:
Originally Posted by Greysholic View Post
By North American standard it's amongst the worst one.

Yes....San Francisco RE price level and Omaha Nebraska level for job and career opportunities...
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Old 12-23-2017, 02:33 PM
 
Location: Vancouver, BC
9,026 posts, read 9,818,718 times
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Quote:
Originally Posted by Greysholic View Post
By North American standard it's amongst the worst one.
Why is it not only the list?
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