Singapore has a “seriously unaffordable” rating for housing, according to the 12th Annual Demographia International Housing Affordability Survey.
In Asia, we’re about on par with Japan, and and far behind Hong Kong – which scored a “severely unaffordable” rating at 19 points.
For those wanting to ditch the Little Red Dot for a nice city Down Under, or the cool Canadian north, you got to be prepared to pay top dollar for a home – most cities in these regions ranked even, or even higher than Singapore on the unaffordablity scale.
Comparing apples to apples, these are the most expensive cities in the world to buy a house:
That’s because other countries have rural areas where housing is cheaper.
But comparing cities to cities (as seen above), we’re still not too bad in the big scheme of things.
The report compared housing affordability across 367 cities in 9 countries.
To assess affordability, the median house price was divided by the gross annual median household income to obtain a “median multiple indicator”.