Zweiacker & Associates

U.S. Offers More Affordable Housing

 

Bloomberg News released a story in which they revealed the outcome of a new housing survey. U.S. homes are the cheapest relative to incomes among English-speaking nations.

The survey outlined homes in Australia, which have a median price of $454,000 and were found to be the most unaffordable among the countries studied.  This median home price costs 6.1 times more than the gross annual median income in Australia.  And if this is scary enough, the survey shows that 85% of homes in the major cities within Australia cost more than 5.1 times the average income.

United States homes have a median price of $168,000 which represents a cost 3 times the average yearly income or less according to Daily Real Estate News.

Hong Kong offers the most expensive housing among the countries studied.  This countries prices have increased by more than 50% in the last two years. This tremendous growth is attributed to low interest rates, the Hong Kong expanding economy, and a flux of buyers from around China.

The housing survey showed Atlanta as the most affordable big city in the U.S. with a median home price of $129,000. The most unaffordable homes in the United States were found in California’s Los Angeles, San Jose, San Francisco, and San Diego with home prices between 5.9 – 7.2 times the average income.  Median home prices in New York were 6.1 times the average income.

This information was provided by the Bloomberg News article “U.S. Homes Most Affordable in English-Speaking — Except in S.F. and S.J”

 

 

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