13th Annual Demographia International Housing Affordability Survey 2017

Rating Middle-Income Housing Affordability The Demographia International Housing Affordability Survey rates middle-income housing affordability using the “Median Multiple,” which is the median house price divided by the median household income. [...] These include five of the largest metropolitan areas in the high income world, the megacities of Tokyo-Yokohama, New York, Osaka-Kobe- Kyoto, Los Angeles, and London.2 In total, the Annual Demographia International Housing Affordability Survey provides ratings for 406 housing markets located in the same nine geographies, with data from the third quarter (September quarter) of 2016.3 In addition, r [...] The Survey provides perhaps the largest collection of housing affordability data at the housing market level in the world. [...] The data is reported at the housing market level, unmasking significant differences in housing affordability within nations.4 1.1: The Median Multiple: Measuring Housing Affordability The Demographia International Housing Affordability Without exception, severely Survey uses the “Median Multiple” (median house unaffordable markets have severe price divided by gross annual median household land use [...] Housing affordability is measured in comparison to household incomes.9 According to the United Nations,10 “If there is a single indicator that conveys the greatest amount of information on the overall performance of housing markets, it is the house price-to-income ratio.” Middle-income housing affordability is different than luxury housing affordability, which is reported upon by a number of organ