WASHINGTON – Jan. 24, 2014 – The U.S. 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.
Pittsburgh leads 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.
Of the 360 worldwide markets evaluated in the study, 95 were labeled “affordable” (of which 84 were in the U.S.). On the other extreme, 67 metros in the study were labeled “seriously unaffordable markets” (23 in the U.S., led by San Francisco).
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. (Ireland has the best overall housing affordability),” according to the report.
The complete Demographia International Housing Affordability Study is available online.