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.
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).
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.
“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.