The most expensive cities to live in around the world in 2017 have been revealed in the 13th Annual Demographia International Housing Affordability Survey: 2017. The study analysed 406 metropolitan housing markets in nine countries — Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, United Kingdom, and the United States — in the third quarter of 2016.
Using the “mean multiple” approach — the median house price divided by the median household income — the data shows that the most “severely unaffordable major housing markets” are in Australia, New Zealand, Chia, Canada, the United Kingdom, and the United States.
Here comes the final list of ten cities:
10. Bournemouth & Dorset, UK
A “severely unaffordable” market in previous surveys, the area of Bournemouth & Dorset is the 10th most expensive place to live around the world.
9. San Francisco, US
The California city came in 9th, with a median multiple — median house price divided by median household income — of 9.2.
8. Los Angeles, US
In LA, house prices rose the equivalent of 14 months in household income in only 12 months, giving it a median multiple of 9.3 and putting it in 8th place.
7. Honolulu, US
The Hawaiian capital was reclassified as a “major market” this year with a median multiple of 9.4 after proving to be “severely unaffordable” in all 13 previous editions of the survey.
6. Melbourne, Australia
Melbourne came in sixth place with a median multiple of 9.5.
5. San Jose, CA, US
Another Californian city, San Jose is the fifth most expensive city to live in with a median multiple of 9.6.
4. Auckland, New Zealand
Hitting a median multiple of 10, Auckland is the fourth most expensive city to live in around the world this year.
3. Vancouver, BC, Canada
House prices in Vancouver rose the equivalent of a full year’s household income in only a year, making it the third least affordable place in the world with a median multiple of 11.8.
2. Sydney, Australia
Sydney is the second most unaffordable place to live in the world, with a median multiple of 12.2.
1. Hong Kong, China
For the seventh year in a row, Hong Kong has the least affordable housing market, with a median multiple of 18.1. This is down from 19 last year, the worst ever ranking on record.