The Most Unaffordable Housing Markets In North America, Charted
Not only is the rent too damn high, housing prices are as well. But where is the situation the worst? The usual suspects — New York, San Francisco, Vancouver — top the list, but where else are things bad?
This chart from real estate firm Point2Homes ranks cities by their "median multiple" — the median home price divided by median household income. Take Vancouver, which tops the unaffordability list and has a median home sale price 17.3 times higher than the median household income:
A median multiple of greater than 5.1 is rated as "severely unaffordable," which a disturbing number of major metropolitan areas qualify as, for reasons ranging from the huge influx of foreign investment in Vancouver to San Francisco's severe housing shortage.
If you're looking for us, we'll be shopping for a home in Detroit.