“Housing affordability in 2022 continued to reflect the huge price increases that occurred during the pandemic demand shock,” reports demographer Wendell Cox in his 2023 international housing affordability report. “Some housing affordability improvements have since occurred and more are likely as the demand shock is hopefully replaced by more normal market trends.”
Click image to download a 3.6-MB PDF of this 26-page report.
Cox measures housing affordability in more than 90 urban areas located in Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, the United Kingdom, and the United States by dividing median home prices with median household incomes. I use the same measure except I use median family incomes, which are readily available through 2021 using U.S. census data. Cox probably uses household incomes because they are more readily available for 2022 and in other countries. This is the latest update of a series of reports going back to 2005 (with data for 2004). Continue reading
