Pittsburgh, the U.S., has been named the most affordable city for housing, amidst the surge in accommodation costs around the globe.??
Oklahoma City and Rochester (in New York, the U.S.), ranked second and third on the affordability list, followed by?Edmonton (Canada) and St Louis (U.S.) in fourth and fifth positions among the most affordable cities to buy a home, as per a report in Bloomberg Quint.
Also Read:?Does It Make Sense To Buy A House Or Rent One
In the study, the USA was the most affordable country. The study also examined markets in Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore and the U.K.?
Hong Kong, which has for long been the world¡¯s most expensive city for housing, again ranked bottom of the 92 housing markets assessed in the Demographia International Housing study.
After Hongkong,?Sydney and Vancouver ranked among the least affordable cities as per the study?at number two and three, followed by?San Jose (Canada),and Melbourne in the fourth and fifth positions of least affordable cities to buy a home
New York ranked 73rd whereas the UK's London came in at 79th on the affordability list.
In most of the major economies, home prices boomed during the pandemic, with buyers pouring their lockdown savings into real estate to buy homes.?
In the report, author Wendell Cox wrote ¡°There has been an unprecedented deterioration in housing affordability during the pandemic. The report compared incomes to home prices in the third quarter of 2021, as per BloombergQuint. Cox also said, ¡°The number of severely unaffordable markets rose 60% in 2021 compared to 2019.¡±
Also Read:?This Little-known, Small Indian Village Has 60 Millionaires!
For the latest financial news, keep reading Indiatimes Worth.??Click here.