As people around the world move into cities and look for housing, one thing is clear: Most will have a hard time paying for it. Average monthly take-home pay won’t cover the cost of buying a
1,000-square-foot residence or renting a three-bedroom home in any of
the 105 metropolitan areas ranked by the Bloomberg Global City Housing Affordability Index –
based on a general rule of thumb among U.S. lenders that people should
spend no more than 28 percent of net income on housing costs. Only 12
cities would be considered affordable if they spend 50 percent.
The Bloomberg index calculates the affordability of renting or buying in
city centers and suburbs. Rankings are based on self-reported data,
including net salary and mortgage interest rates, compiled by Numbeo.com, an online database of city and country statistics.
Source: Bloomberg Business
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