Chart of the day: SG is 53rd most affordable major housing market
Singapore has a housing affordability median of 5.8, or severely unaffordable.
The Lion City sits in the lower half of Demographia's International Housing Affordability rankings, as the 53rd most affordable housing market out of the 92 surveyed.
Pittsburg, Pennsylvania in the US is the most affordable housing market in the 2022 rankings, while Hong Kong is the least affordable.
Singapore has a housing affordability median of 5.8. A median of 5.1 and above is severely unaffordable, while a median of 3.0 and under is affordable.
"Singapore’s median multiple rose from 4.6 in 2019, to a severely unaffordable 5.8 in 2021, reflecting the impacts of the pandemic shock," Demographia's report read.
It added that the HDB's goal objective of encouraging Singaporeans to own their own homes has been achieved in 2020, when the country hit an 88% home ownership rate.
The study rates middle-income housing affordability in eight nations: Australia, Canada, China, Ireland, New Zealand, Singapore, the United Kingdom, and the United States.