U.S. metros shine in international affordability study
The United States has the most major markets in the world where buying property is considered affordable, according to the Demographia International Housing Affordability Study, an analysis of 360 cities in nine countries.
The study showed that those who pay the most in the world for housing are often getting the least as far as house size.
The smallest houses are in the most expensive market (Hong Kong), while the largest houses are in the United States which has the best major-market housing affordability, according to the report. Ireland has the best overall housing affordability.
Of the 360 worldwide markets evaluated in the study, 95 were labeled “affordable” of which 84 were in the U.S. The study labeled 67 metros “seriously unaffordable markets” with 23 in the U.S., led by San Francisco.
Pittsburgh led the pack in affordability among major cities around the globe. Other affordable major U.S. cities that topped the list were Detroit; Grand Rapids, Mich.; Rochester, N.Y.; Atlanta; Buffalo, N.Y.; Cincinnati; Cleveland; Indianapolis; and St. Louis.