5 most affordable cities to buy a home across the globe
The significant study came amid the boomed housing prices in the major economies around the world due to the ongoing pandemic
New Delhi: In the Demographia International Housing study following a global surge in the accommodation costs around the world, Pittsburgh has been found to be the most affordable city for housing.
The study which examined real estate markets in the UK, Canada, Hong Kong, Australia, Ireland, New Zealand, Singapore, and others has found the United States to be the most affordable country in terms of housing.
The significant study came amid the boomed housing prices in the major economies around the world due to the ongoing pandemic, with people investing their lockdown savings into real estate.
Author Wendell Cox wrote in his report, “There has been an unprecedented deterioration in housing affordability during the pandemic. The number of severely unaffordable markets rose 60 percent in 2021 compared to 2019”.
Check out list of top 5 affordable cities to buy a house:
1. Pittsburgh
The beautiful city in Pennsylvania is located at the junction of 3 rivers and is known for its gilded age sites, displaying its glorious history as a 20th-century industrial capital. The city has a competitive real estate market with the most cost-effective accommodation in the entire world.
2. Oklahoma City
Well renowned for its cowboy culture, the city is the capital of America’s state of Oklahoma. The oil wells of the city and the capitol complex is yet another appealing characteristic of the city. The city ranks second in the study of affordable housing locations in the world.
3. Rochester
Yet another name from the United States ranks third in the list of most affordable cities in the world for housing. Rochester is city located on the renowned Lake Ontario, in US state of New York. The hot real estate market in the city is emerging to be one of the most competitive real estate market in the US.
4. Edmonton
Finally a Canadian city has emerged in the list on the top fourth position. The city that belongs to the province of Alberta in Canada is located on the North Saskatchewan River and is the marrow of the Edmonton Metropolitan Region. The city was able to mark a rank in the list despite seeing a hike in its housing prices in 2021.
5. St Louis
The city that sits near the watersmeet of the Mississippi and the Missouri Rivers, happens to be the second largest city in America’s Missouri state. The historically significant city has made it to the fifth rank in the list of most affordable place in the world to buy a house.