{"id":1371,"date":"2019-02-01T10:38:59","date_gmt":"2019-02-01T10:38:59","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=1371"},"modified":"2021-06-04T14:06:41","modified_gmt":"2021-06-04T07:06:41","slug":"home-prices-outpace-income-growth-in-these-eight-cities","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/home-prices-outpace-income-growth-in-these-eight-cities\/","title":{"rendered":"Home prices outpace income growth in these eight cities"},"content":{"rendered":"<p><strong>A growing gulf between disposable household incomes and real housing prices over the last five years<\/strong><\/p>\n<figure id=\"attachment_1372\" aria-describedby=\"caption-attachment-1372\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-1372\" src=\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/02\/Home-prices-outpace-income-growth-in-these-eight-cities.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Home-prices-outpace-income-growth-in-these-eight-cities.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Home-prices-outpace-income-growth-in-these-eight-cities-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Home-prices-outpace-income-growth-in-these-eight-cities-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-1372\" class=\"wp-caption-text\">Amsterdam in autumn. S.Borisov\/Shutterstock<\/figcaption><\/figure>\n<p>Eight major urban housing\u00a0markets in the world have been deemed most unaffordable, according to the debut Urban Futures report by Knight Frank.<\/p>\n<p>Vancouver and Auckland saw real home prices outstrip real income growth by 59 percent, 46 percent, and 32 percent, respectively, according to the report\u2019s Global Affordability Monitor.<\/p>\n<p>The cities join Hong Kong, Los Angeles, San Francisco, Sydney, and Toronto in the monitor\u2019s \u201cleast affordable\u201d quadrant.<\/p>\n<p>Real house prices grew 46.4 percent in Toronto over a five-year period ending September 2018, versus just a growth of 8.4 percent in disposable household incomes.<\/p>\n<p>In Hong Kong, home prices surged 37.6 percent over the period, compared with 3 percent for incomes, while Sydney home prices posted a rise of 33.3 percent vis-\u00e0-vis a growth of 2.8 percent for incomes.<\/p>\n<p>Home price growth in Los Angeles hit 25.5 percent over the period while incomes rose 15.5 percent.<\/p>\n<p>Knight Frank\u2019s findings come on the heels of the release of the 15th\u00a0annual Demographia survey of unaffordable cities.<\/p>\n<p>Like Demographia, Knight Frank also used house price to income ratio as an affordability measure, in addition to rent as a proportion of income. However, the consultancy also conducted a comparison of\u00a0house price growth to income growth, a measure the consultancy believes demonstrates clearly whether affordability has improved or worsened over recent years.<\/p>\n<p>\u201cCompared to Demographia\u2019s definition, many of our cities would be considered unaffordable with the average house price to income ratio being 8,&#8221; Knight Frank stated in its report.<\/p>\n<p>According to Shelter\u2019s rental definition, many of the cities tracked in the monitor\u00a0would be affordable, the consultancy also conceded. Rent\u00a0on average accounted\u00a0for 30 percent of income, below Shelter&#8217;s 35 percent threshold.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A growing gulf between disposable household incomes and real housing prices over the last five years<\/p>\n","protected":false},"author":2,"featured_media":19805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","news_country-rest-of-the-world","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home prices outpace income growth in these eight cities | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, 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