In Under Pressure: The Squeezed Middle-Class, the OECD finds that the middle-class faces rising costs of living and that increasing owned house prices are the “main driver of rising middle-class expenditure.” Much of the difference in the cost of living between metropolitan areas (within nations) is ex- plained by housing affordability differences. [...] The urban cores are the borough of Manhattan for the New York housing market and the city/county of San Francisco for the San Francisco housing market. [...] This is the most substantial improvement in the 19 years of the Demographia International Housing Affordability series. [...] Singapore: In the early 1960s Singapore had a desperate housing situation, which has been characterized as “unhygienic slums and crowded squatter settlements.”13 To address the issue, Singapore established the Housing and Development Board (HDB), which in its Report expressed the intention to ...encourage a property-owning democracy in Singapore and to enable Singapore citizens in the lower middle. [...] The range between the least affordable and most affordable markets in the US rose by 2.2 years of household income from 2019 to 2022 by more nearly seven years income 1970, from 1.9 to 8.7 (Figure 10).14 Housing Affordability and Net Domestic Migration: In the United States, California has 10 Housing Affordability Range: 1969-2022: U.
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