In a recently released report, Hong Kong has been identified as the least affordable city for homebuyers among dozens of cities in eight different countries. The 2024 Demographia International Housing Affordability report assessed the ratios of median house prices to gross median household income in 94 cities across Australia, Canada, China, Ireland, New Zealand, Singapore, the U.K., and the U.S.

Out of the countries included in the report, four had cities listed as the least affordable for homebuyers, with five out of the top 10 cities falling under the category of being "impossibly unaffordable," within the United States.

According to the report, the median price-to-income multiples of the least affordable cities ranged from 9.5 in San Diego to a whopping 16.7 in Hong Kong. It highlighted the concerning trend of housing affordability "disappearing in high-income nations," as housing costs continue to outpace income growth.

The report attributed this concerning trend to "land use policies that artificially restrict housing supply, driving up land prices and making homeownership unattainable for many." It emphasized the need for addressing these policies to ensure affordable housing for all.

Among the 56 U.S. metro areas included in the ranking, 11 were considered "moderately unaffordable," 23 were classified as "seriously unaffordable," 17 were deemed "severely unaffordable," and five were labeled as "impossibly unaffordable." Pittsburgh was ranked as the most affordable market, with a median price-to-income ratio of 3.1.

The findings from the Demographia International Housing Affordability report shed light on the growing challenges faced by homebuyers in several major cities worldwide. As housing costs continue to rise, it becomes crucial for policymakers to address the issue through comprehensive housing strategies that promote affordability and accessibility for all residents.