Mapped: The World’s Most Unaffordable Housing Markets
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Key Takeaways
- A study by the Chapman University Center for Demographics and Policy has ranked the world’s most unaffordable housing markets based on the house price-to-income ratio.
- Cities like Hong Kong, Vancouver, and Los Angeles top the ranking with ratios over 10, meaning the average home costs over 10 times the average household’s annual income.
Buying a home is becoming increasingly out of reach in many of the world’s top cities. Property prices have greatly outpaced incomes over the past few decades, pushing affordability to historic lows.
In this infographic, we rank the world’s most unaffordable housing markets using the house price-to-income ratio.
Data & Discussion
The data for this visualization comes from the 2025 edition of the Demographia International Housing Affordability Report. It compares 94 major housing markets worldwide, highlighting where residents face the steepest barriers to homeownership.
| City | House price-to-income ratio |
|---|---|
 Hong Kong |
14.4 |
 Sydney |
13.8 |
 San Jose |
12.1 |
 Vancouver |
11.8 |
| Los Angeles |
11.2 |
| Adelaide |
10.9 |
| Honolulu |
10.8 |
| San Francisco |
10 |
| Melbourne |
9.7 |
| San Diego |
9.5 |
| Brisbane |
9.3 |
 Greater London |
9.1 |
| Toronto |
8.4 |
| Perth |
8.3 |
| Miami |
8.1 |
 Auckland |
7.7 |
| Bristol-Bath |
7.5 |
| New York |
7.4 |
| Warrington & Cheshire |
7.4 |
| London Exurbs |
7.3 |
Hong Kong is Still the Least Affordable
Hong Kong tops the global list with a staggering house price-to-income ratio of 14.4. This means the typical home costs more than 14 years worth of household income.
Limited land supply and strong demand from global capital continue to keep prices out of reach for most residents. Despite government efforts to boost supply, affordability has worsened in the past decade.
For more context, check out this Wikipedia page which keeps track of the most expensive homes sold in Hong Kong.
North America’s Expensive West Coast
Vancouver, San Jose, Los Angeles, Honolulu, San Francisco, and San Diego all rank in the top 10 most unaffordable housing markets.
These cities combine strong demand, geographic constraints, and limited new supply, driving home prices to levels more than 9–12 times annual incomes. For example, in Los Angeles, the ratio stands at 11.2, making homeownership nearly impossible for middle-class families.
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