If you want the real truth about housing affordability, read the latest shocking data from the Demographia report, just released.
http://www.demographia.com/
Housing affordability in 2021 is considerably worse than before, with five times as many markets at 10.0 median multiples or higher than just a decade ago. The least affordable market is Hong Kong, with a median multiple of 23.2, followed by Sydney at 15.3, Vancouver at 13.3, San Jose at 12.6 and Melbourne at 12.1. Another 46 markets are rated severely unaffordable, with median multiples (price-to-income ratios) of 5.1 or higher. Just three decades ago, nearly all of the 92 major markets covered had median multiples near 3.0 or below. The pandemic has created a “demand shock” as households move to houses with more space (inside and in yards or gardens). This has been evident in markets with overly restrictive land use regulation (especially urban containment), and worsened by the inability of home builders in well functioning markets meet the unprecedented increase in demand. The most affordable market is Pittsburgh, with a median multiple of 2.7, followed by Oklahoma City and Rochester at 3.3, with Edmonton and St. Louis at 3.6.
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