According to the just-released Demographia International Housing Affordability report, Hong Kong has once again claimed the title of the most unaffordable city for housing. This marks the 14th consecutive year that the city has topped the list.

The report, compiled by researchers at Chapman University's Center for Demographics and Policy, evaluates home prices in 94 major metropolitan cities worldwide. The criteria used is the price-to-income ratio, which compares the median house price to the median household income, resulting in a "median multiple rating." The higher the rating, the less affordable the area.

Hong Kong's median multiple score came in at a staggering 16.7, earning it the unenviable distinction of being the most unaffordable city for housing. Interestingly, Hong Kong is the only Asian city included in the list.

Following closely behind Hong Kong are Sydney, Australia, and Vancouver, Canada. These cities scored 11.9 and 10.9 respectively, highlighting the significant affordability challenges faced by residents.

Shockingly, five cities from the United States also made it to the top 10. San Jose, CA, the heart of Silicon Valley, secured the fourth position with a median multiple score of 10.5. It was closely followed by Los Angeles, Honolulu, San Francisco, and San Diego.

Further down the list, Toronto, Canada, and Melbourne, Australia, rounded out the top 10, demonstrating the widespread issue of unaffordable housing in major cities across the globe.

To provide a clearer vision of the affordability crisis, the report highlighted some staggering figures for the US cities on the list. The median home prices in these cities are as follows:

- San Jose, CA: $1.35 million
- Los Angeles: $1.27 million
- Honolulu: $650,000
- San Francisco: $1.2 million
- San Diego: $1 million

These eye-watering prices, coupled with the high median multiple scores (ranging from 9.5 to 11.9), reveal the immense challenges faced by people trying to enter the housing market in these cities.

As housing prices continue to skyrocket, policymakers and experts are increasingly concerned about the impact on residents' financial stability and long-term housing security.

Efforts to address this issue are underway, but it remains a complex problem with no easy solutions in sight. The unaffordability of housing in these cities signifies the urgent need for innovative approaches and policies to ensure that housing is accessible for residents of all income levels.

It is clear that as the demand for housing continues to increase, affordability will remain a key concern in major cities around the world, necessitating a concerted effort to find sustainable solutions.