Hong Kongtops the table as world’s most expensive housing market for 9th straight year.
A family would on average need to save up for 21 years without spending a single dollar to afford a home in the city, according to the Demographia International Housing Affordability Study.
That is the longest saving period in the study’s history and beats the previous record of 19.4 years set by Hong Kong in 2017.
Demographia categorised Hong Kong as “severely unaffordable”.
In second place was Vancouver with a home-price to median-income ratio of 12.6, meaning it would take an average of 12.6 years to save enough money for a house.
Tens of thousands of Hongkongers are living in spaces that range from 75 to 140 square feet. To put that in perspective, the average parking space in the US is about 150 square feet. And in the most extreme cases, Hongkongers have resorted to homes the size of a coffin.