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Sydney and Vancouver rank again as the least affordable cities to buy homes

Sydney and Vancouver rank again as the least affordable cities to buy homes

The real estate market is picking up as the pandemic is giving way to the new normal, and Pittsburgh is the most affordable city for housing. The report by the Demographia International Housing noted that accommodation costs around the world are surging.

Like before, Sydney and Vancouver ranked among the least affordable. Vancouver's housing market has been on a high for years now and the Canadian government is banning foreigners from buying homes in the city for the next two years.

New York, London, and Hong Kong ranked 73rd, 79th, and 92 on the list of most affordable housing markets, reported Bloomberg. After analysing the real estate sector of 92 cities, it was found that home prices boomed in most major economies during the pandemic. The study only examined middle-income housing affordability in 92 cities in eight nations.

Second and third on the list were Oklahoma City and Rochester, New York.

The US was named the most affordable country for buying homes. Author Wendell Cox wrote there has been an unprecedented deterioration in housing affordability during the pandemic. He compared the home prices to income in the third quarter of 2021 and found that the "number of severely unaffordable markets rose 60% in 2021 compared to 2019."

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