Today saw the release of another study on property prices and their general affordability. Surprise, surprise … the news is not good.
I won’t go into too much detail on the underlying data, or the biases therein, mostly because in broad terms they are sound. This particular study (link here) looks at middle-income median multiples – i.e. excluding the 1%-ers, and theur Mayfair mega mansions – how affordable are homes. You can understand why this has some limitations for London, but it does allow for neat comparisons with other cities (of >2 million people).
So, here we go … the Top/Bottom Cities in terms of Housing (Un)Affordability:
7. San Diego
6. San Francisco
5. Los Angeles
and the #1 place for housing unaffordability is …. Bolang Gu-roll, please (look it up here)
with an income multiple of 18.1x!
Now, we know property prices are the sweet sugar high of property journalism. You can confirm whatever your bias might be if you parse the data enough. But there are some things that we don’t argue with, and that is the fact that the anglo speaking Western world, on the whole, we are property owners. And it costs us a lot to become such. For most people, it will be (insert lazy journalism here) ‘their biggest investment’.
We at Homyze want people to achieve their dreams. We want people to have the home they want. Or a home at all. So, whatever we can do to help in this, we will. It’s one reason why we launched PriceMeister. Because we wanted people to make informed decisions when they were purchasing a property.
We can’t do anything to increase people’s average earnings, and property prices are beyond our control as well, but we can at least try and help with your homework in some respects.