Housing affordability situation worsens

Hong Kong topped a list of the least affordable housing markets for a 12th year with a median multiple rising to 23.2 from 20.7 last year.

The listing came in the Demographia International Housing Affordability report for 2022.

The figure means it takes 23.2 years even without any expenses before a Hongkonger can afford a home.

This is also an increase of 2.4 points from 20.9 in 2019, and about half of it was said to be due to lower incomes.

The second least affordable housing market is Sydney with a median multiple of 15.3.

The report provides housing affordability ratings using the median multiple - a measurement of income in relation to housing prices for 92 major markets (metropolitan areas) in eight nations for the third quarter of 2021.

There has been an unprecedented deterioration in housing affordability during the pandemic.