A recent study conducted by researchers at Chapman University and the Frontier Centre for Public Policy has identified the most unaffordable housing markets in the United States and around the world. The study analyzed 94 major cities in eight countries, shedding light on the growing housing affordability crisis that is impacting families across the globe.

According to the findings, San Jose, California, has been identified as the least affordable housing market in the United States. The Silicon Valley metro area ranked fourth among the most unaffordable housing markets in the English-speaking world. In fact, California dominated the list, with four of the top 10 least affordable housing markets in the country: Los Angeles (5th), San Francisco (8th), and San Diego (10th). Honolulu, the only city outside of California, claimed the sixth spot.

The study highlighted the widening gap between housing costs and income, which has been further exacerbated by the COVID-19 pandemic. The rising housing prices, surpassing income growth, have triggered a cost-of-living crisis for American families. Wendell Cox, the study's author, expressed concern over the disappearing affordability in high-income nations, pointing to the fact that housing costs now far outpace income growth.

The report attributed the housing crisis to land use policies that artificially restrict housing supply and drive up land prices. These policies, though marketed as progressive, are having regressive effects on society, according to Joel Kotkin, Director for Chapman's Center for Demographics and Policy.

On a positive note, the study also highlighted the most affordable cities in the United States. Pittsburgh topped the list as the most affordable housing market, followed by Rochester and St. Louis. Other cities such as Cleveland, Buffalo, and Detroit also ranked highly for affordability.

However, on a global scale, the study found that the three least affordable housing markets were outside of the United States. Hong Kong, China; Sydney, Australia; and Vancouver, Canada claimed the top spots for unaffordability, reflecting the challenges faced by residents in these cities.

As the housing shortage in the U.S. continues to worsen, with a deficit of 4.5 million homes, prices are reaching record highs despite elevated mortgage rates, as reported by Zillow. The combination of limited supply and high demand remains a significant driver of the affordability crisis.

The study's findings serve as a stark reminder of the urgent need for effective policies to address the widening gap between housing costs and income. Efforts to increase the housing supply and ensure affordability are crucial to providing sustainable solutions for residents both in the United States and globally.