Skip to main content

Detroit Tops List of World’s Most Affordable Housing Markets

Phil Hall
Jan 21, 2015

The Detroit metropolitan area was named as the year’s most affordable housing market, according to the 11th Annual Demographia International Housing Affordability Survey.

The survey, conducted by the St. Louis-based public policy and demographics consulting firm Demographia, surveyed 378 metropolitan markets across nine countries (Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, the United Kingdom and United States). Affordability was determined with the Median Multiple approach which measures the ratio of the median house price to the median annual household income.

The U.S. had the most number of cities among the most affordable markets, including Detroit in first place, Rochester, N.Y. in second, a tie between Buffalo and Cleveland for third and a four-way tie between Cincinnati, Grand Rapids, Pittsburgh and St. Louis for fifth. At the other end of the spectrum, Hong Kong was viewed as the least affordable city, with a quartet of California markets–San Francisco, San Jose, San Diego and Los Angeles–also among the priciest.

“Among all 378 markets, there were 98 affordable markets, 88 in the United States, five in Canada, three in Ireland and, for the first time, there were affordable markets in Australia (two),” the survey stated. “There were 119 moderately unaffordable markets, 97 in the United States, 16 in Canada, three in the United Kingdom and one each in Japan, Ireland and Australia. There were 76 seriously unaffordable markets and 85 severely unaffordable markets. Australia had 33 severely unaffordable markets, followed by the United States with 25 and the United Kingdom with 16. New Zealand and Canada each had five severely unaffordable markets.”

Jan 21, 2015
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021