World’s 10 least affordable housing markets include San Jose (least affordable in the US) and SF

Way to go, San Jose! You’re the least affordable city in the USA and the fifth least affordable city in the world.

In fact, you are even less affordable than San Francisco, which is only the ninth least affordable city on Earth.

All this is according to the Demographia International Housing Affordabilty Survey, an annual ranking of more than 400 cities around the world.

From the top, the 10 least affordable housing markets in the world are:

1. Hong Kong

2. Sydney, Australia

3. Vancouver, Canada

4. Auckland, New Zealand

5. San Jose, hooray!

6. Melbourne, Australia

7. Honolulu

8. Los Angeles

9. San Francisco

10. Bournemouth and Dorset, United Kingdom

In Australia, New Zealand, the United Kingdom and large parts of the United States, housing prices “have gone through the (now unaffordable) roof,” writes Dr. Oliver Hartwich, an economist in New Zealand who penned the report’s introduction.

Thanks for the insight.

The report notes that cities in the Midwest and upstate New York are among the most affordable in the U.S. However, if you are looking for a reasonably priced home and willing to move far away, try Germany.

Hartwich puts it like this: “Germany is probably the country with the most boring housing market in the world. It is a place where nothing ever happens (at least as far as housing is concerned). German house prices remain stable, and if it had not been for the euro crisis and negative interest rates, the Germans would probably still be able to buy houses for the same prices in real terms that they paid twenty or thirty years ago.”

Here is the entire report.

Keep in mind that different outfits weigh data differently. Just last month, the CoreLogic real estate information service reported that San Francisco County is more expensive than Santa Clara County (which includes San Jose) — and that San Mateo County is costlier than either.

According to CoreLogic, the median cost of a single family house in Santa Clara County is $1,093,000. In San Francisco, it is $1,325,000. In San Mateo, it is $1,385,000.

Photo: A crane rises over an apartment house under construction in downtown San Jose. (Karl Mondon/Bay Area News Group)

 

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  • omegatalon

    This demonstrates how narrow minded the people who work in San Jose are as those working in San Francisco have begun buying up real estate in parts of the city that were considered as being ‘bad’; but the landscape of San Francisco is changing as the Mission isn’t quite what it used to be with the construction of new condos and other places of the city the same is happening as the poor and Blacks (under 6-percent of San Francisco’s population) are being pushed out as their low rent apartments are being gobbled up. San Jose workers need to move to where property in the area is still cheap like East San Jose and East Palo Alto.

 
 
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