The most — and least — affordable cities

New York came in at the middle pack

Oct.October 21, 2017 04:00 PM

(Wikimedia Commons)

If you adhere to the common-sense rule that rent should account for about 28 percent of your monthly expenses, steer clear of the 105 cities the Bloomberg Global City Housing Affordability Index ranked – you couldn’t live in any of them.

That said, affordability improved in 51 cities, which improved their rankings in comparison with 2012 prices. The remaining 48 cities saw change head south in this year’s rankings, according to Bloomberg News.

One definitive trend is that North American cities dominated the top 10 most affordable cities in the rankings, though the top most affordably city will likely come as a surprise. In the meantime, cities in emerging markets were the most un-affordable housing markets.

New York is roughly in the middle of the ranking this year, however London took the crown this year for the status of being the least-affordable city in Western Europe.

Out of all 105 cities included in the rankings, here are the top five least-affordable cities for housing and the top five most affordable cities:

Least affordable
1 Caracas

(Beatrice Murch)

2 Kiev


3 Hanoi

(Uwe Aranas/Wikimedia Commons)

4 Mumbai

(Mayur Thakare/Wikimedia Commons)

5 Buenos Aires

(Luis Argerich/Wikimedia Commons)

Most affordable
1 Riyadh

(Wikimedia Commons)

2 Houston

(Carol M. Highsmith)

3 Philadelphia

(Adam Jones)

4 Calgary


5 Ottawa

(Wladyslaw/Wikimedia Commons)

[Bloomberg News] — E.K. Hudson

Related Articles

A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

From top: London, New York and Hong Kong (Credit: Unsplash)

Global housing markets are syncing up — and slowing down

Is January the new April for real estate? (Credit: iStock)

Low mortgage rates could mean another hot winter in the housing market

Harbor Group International's Jordan Slone and Kushner Companies's Charlie Kushner  (Credit: Sasha Maslov, Harbor Group)

Multifamily still delivers as investors avoid rent control

The U.S. is short 3.8 million new homes

US is short nearly 4M new homes: report

Budapest (Credit: Pixabay)

This European city has the world’s fastest rising home prices

Nationwide foreclosures are at a 15-year low (Credit: iStock)

Foreclosures nationwide fell to 15-year low in 2019