Global Housing Crisis: The Struggle for Affordable Homes

Here's a harsh reality check for anyone struggling to afford a home: A recent report from Chapman University and the Frontier Centre for Public Policy reveals the harsh reality of the global housing crisis, with some cities labeled "impossibly unaffordable."

"The term ‘impossible’ was selected to convey the extreme difficulty faced by middle-income households in affording housing... Securing financing for a house at this median multiple is largely impossible for middle-income households." Wendell Cox, report author

The Painful Truth

• The report analyzed incomes and home prices in nearly 100 cities across eight countries.
• Results: High demand for outdoor space, investor activity, and anti-sprawl land policies triggered a global spike in housing prices.
• Globally, housing markets are more expensive: Australia had the worst house price-to-income ratio in 2023.
• The US isn't immune: San Jose, CA is the least affordable market, with CA holding 4/10 spots on the list.
• Top 3 Least Affordable: 1. Hong Kong, China 2. Sydney, Australia 3. Vancouver, Canada
• Bonus Pain: Maps and graphics [here](URL REDACTED) illustrate the highest home prices in the US.

A Ray of Hope

• Good news: 9/10 most affordable cities are in the US.
• Top 3 Affordable: 1. Pittsburgh, PA 2. Rochester, NY 3. St. Louis, MO
• Take note, home seekers!

The Bigger Picture

• Home ownership dreams vary with Singapore leading at 89%, followed by Ireland and Canada.
• The struggle is real, and it's global.

Original report: https://fcpp.org/wp-content/uploads/2024-Demographia-International-Housing-Affordability-1-2.pdf