Cheap home prices hard to come by on international stage

Hong Kong is the most expensive place to buy a house in the world.Many of the costliest places for prospective homebuyers to purchase a residence are in cities outside the United States, recent data reveals.According to a new analysis conducted by strategy research firm New Geography, the most expensive place to live in from a standpoint of home prices is Hong Kong, scoring a median multiple house price score of 13.5.Researchers determined these scores by measuring the median house price for a given area divided by its median pre-tax household income rate for the 337 metropolitan markets analyzed. Any score above 5.1 was considered “severely unaffordable,” while 3.0 and below was considered “affordable.”Vancouver, London and Sydney were a few of the other foreign cities that scored well above the 5.1 threshold.Some of the most inexpensive places to live in, according to the survey, were U.S.-based – including St. Louis, Cincinnati, Atlanta, Detroit and Rochester, New York.While Texas’ largest city wasn’t expressly listed among the firm’s most inexpensive housing markets, Houston homes are reasonably priced. In a report released last July, “by almost any measure, Texas homes are more affordable than the United States overall,” according to housing data from the real estate center at Texas A&M University.
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