A List Of The World's Most Affordable Cities Include Some In Canada & How's That Possible?
A Canadian city is even in the top five. 😵💫
A new study has found the world's most affordable cities and, somehow, a bunch of Canadian cities made the list. With one Canuck metropolis even making it into the global top five!
Put together by the Urban Reform Institute and the Frontier Centre for Public Policy, the report has calculated the affordability of 92 cities from around the world using something called a "median multiple."
Without getting too in-depth, a media multiple is a ratio worked out by taking the median house price and dividing it by the gross median household income.
Using this metric, the top most affordable city in Canada was none other than Edmonton, Alberta, which tied for fourth place with the U.S. city of St. Louis.
Both had median multiples of 3.3. The next Canadian city that ranked was also in the Sunshine province, as Calgary snatched the number ten slot with a score of 4.0.
The most affordable market is Pittsburgh, at 2.7, followed by Oklahoma City and Rochester at 3.3, with Edmonton and St. Louis at 3.6.\n\nFULL REPORT:https://urbanreforminstitute.org/2022/03/demographia-international-housing-affordability-2022-edition-released/\u00a0\u2026— Urban Reform Institute (@Urban Reform Institute) 1646672686
Evidently, Canada isn't all affordable; any Canadian would tell you that. It should thus come as no surprise that Vancouver was in the bottom three most affordable cities in the world.
With a score of 13.3, it only beat out two other places — Sydney, Australia, and Hong Kong. Another piece of bad affordability news for Vancouver!
Other cities that made the list include Ottawa-Gatineau (5.6), Montreal (6.1), and Toronto (10.5).
Topping the list of most affordable cities in the world is the American city of Pittsburgh, Pennsylvania, with a median multiple of 2.7.
The least affordable city included was the aforementioned Hong Kong, clocking in at a median multiple of 23.2.
Therefore, for folks looking for more affordable housing, a move to Edmonton might be the thing to do!
This article's cover image was used for illustrative purposes only.
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