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These are the 10 most expensive cities to live in

  • <p>The area of Bournemouth & Dorset topped London in severe unaffordability. It has a median multiple of 8.9 and has the world’s second worst housing bubble risk according to The UBS Global Real Estate Bubble Index.<br> (bazzadarambler/Creative Commons) </p>
    1/10

    10. Bournemouth & Dorset, U.K.

    The area of Bournemouth & Dorset topped London in severe unaffordability. It has a median multiple of 8.9 and has the world’s second worst housing bubble risk according to The UBS Global Real Estate Bubble Index.
    (bazzadarambler/Creative Commons)

  • <p>One of three California cities on the list, SF had a median multiple of 9.2. A recent WalletHub study found that found that average home prices are about 14 times greater than annual incomes in San Francisco.<br> (Jeff Gunn/Creative Commons) </p>
    2/10

    9. San Francisco, U.S.

    One of three California cities on the list, SF had a median multiple of 9.2. A recent WalletHub study found that found that average home prices are about 14 times greater than annual incomes in San Francisco.
    (Jeff Gunn/Creative Commons)

  • <p>LA has a median multiple of 9.3 and economists at Realtor.com predict that in 2017, Los Angeles-area home prices will <a rel="nofollow noopener" href="http://www.bizjournals.com/losangeles/news/2016/12/01/los-angeles-housing-market-primed-to-be-nations.html" target="_blank" data-ylk="slk:increase by 6.9 per cent and the number of home sales will increase by 6 per cent.;elm:context_link;itc:0;sec:content-canvas" class="link ">increase by 6.9 per cent and the number of home sales will increase by 6 per cent.</a><br> (Kai Lehmann/Creative Commons) </p>
    3/10

    8. Los Angeles, U.S.

    LA has a median multiple of 9.3 and economists at Realtor.com predict that in 2017, Los Angeles-area home prices will increase by 6.9 per cent and the number of home sales will increase by 6 per cent.
    (Kai Lehmann/Creative Commons)

  • <p>Honolulu came in with a median multiple of 9.4. The median price for an existing single-family home was <a rel="nofollow noopener" href="http://www.hawaiinewsnow.com/story/33045211/low-supply-high-demand-pushing-oahu-housing-prices-skyward" target="_blank" data-ylk="slk:$747,500 in August 2016;elm:context_link;itc:0;sec:content-canvas" class="link ">$747,500 in August 2016</a> — a seven per cent increase from 2015 — according to the Honolulu Board of Realtors.<br> (Edmund Garman/Creative Commons) </p>
    4/10

    7. Honolulu, U.S.

    Honolulu came in with a median multiple of 9.4. The median price for an existing single-family home was $747,500 in August 2016 — a seven per cent increase from 2015 — according to the Honolulu Board of Realtors.
    (Edmund Garman/Creative Commons)

  • <p>One of two Australian cities on the list, Melbourne has a median multiple of 9.5.<br> (Bernard Spragg/Creative Commons) </p>
    5/10

    6. Melbourne, Australia

    One of two Australian cities on the list, Melbourne has a median multiple of 9.5.
    (Bernard Spragg/Creative Commons)

  • <p>California again? San Jose had a median multiple of 9.6 and a median home value of $852,200, <a rel="nofollow noopener" href="https://www.zillow.com/san-jose-ca/home-values/" target="_blank" data-ylk="slk:according to Zillow;elm:context_link;itc:0;sec:content-canvas" class="link ">according to Zillow</a>.<br> (Don DeBold/Creative Commons) </p>
    6/10

    5. San Jose, U.S.

    California again? San Jose had a median multiple of 9.6 and a median home value of $852,200, according to Zillow.
    (Don DeBold/Creative Commons)

  • <p>Auckland had a median multiple of 10. Ten years ago the average house price was NZ$500,000 (£277,000) — in September 2016, it <a rel="nofollow noopener" href="https://www.theguardian.com/world/2016/sep/07/why-auckland-is-leading-the-worlds-housing-market-boom" target="_blank" data-ylk="slk:peaked;elm:context_link;itc:0;sec:content-canvas" class="link ">peaked</a> at NZ$1M.<br> (Kevin Dooley/Creative Commons) </p>
    7/10

    4. Auckland, New Zealand

    Auckland had a median multiple of 10. Ten years ago the average house price was NZ$500,000 (£277,000) — in September 2016, it peaked at NZ$1M.
    (Kevin Dooley/Creative Commons)

  • <p>Canada’s Vancouver came in at a median multiple of 11.8. <a rel="nofollow noopener" href="http://globalnews.ca/news/1098143/vancouvers-housing-prices-2nd-most-affordable-in-the-world/" target="_blank" data-ylk="slk:The average house price in Metro Vancouver is $670,300, which would require 80 per cent of the average median household income to service the mortgage;elm:context_link;itc:0;sec:content-canvas" class="link ">The average house price in Metro Vancouver is $670,300, which would require 80 per cent of the average median household income to service the mortgage</a>.<br> (Magnus Larsson/Creative Commons) </p>
    8/10

    3. Vancouver, Canada

    Canada’s Vancouver came in at a median multiple of 11.8. The average house price in Metro Vancouver is $670,300, which would require 80 per cent of the average median household income to service the mortgage.
    (Magnus Larsson/Creative Commons)

  • <p>With a median multiple of 12.2, Australia’s largest city is the second least affordable place to find housing. Median house <a rel="nofollow noopener" href="http://www.news.com.au/finance/real-estate/buying/sydney-housing-worlds-second-most-unaffordable/news-story/c721c685e1ef2d616c3c89cb3009496f" target="_blank" data-ylk="slk:prices in January 2017;elm:context_link;itc:0;sec:content-canvas" class="link ">prices in January 2017</a> reached AUD$1.077 million (CAD$1,094,000).<br> (Corey Leopold/Creative Commons) </p>
    9/10

    2. Sydney, Australia

    With a median multiple of 12.2, Australia’s largest city is the second least affordable place to find housing. Median house prices in January 2017 reached AUD$1.077 million (CAD$1,094,000).
    (Corey Leopold/Creative Commons)

  • <p>Hong Kong wins the least affordable housing market award for the seventh consecutive year with a median multiple of 18.1 — slightly down from 19 last year. Apartments at the South Horizon complex in Aberdeen rang in at HK$16,497 (CAD$2,860) per square foot in November 2016.<br> (Colin Tsoi/Creative Commons) </p>
    10/10

    1. Hong Kong, China

    Hong Kong wins the least affordable housing market award for the seventh consecutive year with a median multiple of 18.1 — slightly down from 19 last year. Apartments at the South Horizon complex in Aberdeen rang in at HK$16,497 (CAD$2,860) per square foot in November 2016.
    (Colin Tsoi/Creative Commons)

<p>The area of Bournemouth & Dorset topped London in severe unaffordability. It has a median multiple of 8.9 and has the world’s second worst housing bubble risk according to The UBS Global Real Estate Bubble Index.<br> (bazzadarambler/Creative Commons) </p>
<p>One of three California cities on the list, SF had a median multiple of 9.2. A recent WalletHub study found that found that average home prices are about 14 times greater than annual incomes in San Francisco.<br> (Jeff Gunn/Creative Commons) </p>
<p>LA has a median multiple of 9.3 and economists at Realtor.com predict that in 2017, Los Angeles-area home prices will <a rel="nofollow noopener" href="http://www.bizjournals.com/losangeles/news/2016/12/01/los-angeles-housing-market-primed-to-be-nations.html" target="_blank" data-ylk="slk:increase by 6.9 per cent and the number of home sales will increase by 6 per cent.;elm:context_link;itc:0;sec:content-canvas" class="link ">increase by 6.9 per cent and the number of home sales will increase by 6 per cent.</a><br> (Kai Lehmann/Creative Commons) </p>
<p>Honolulu came in with a median multiple of 9.4. The median price for an existing single-family home was <a rel="nofollow noopener" href="http://www.hawaiinewsnow.com/story/33045211/low-supply-high-demand-pushing-oahu-housing-prices-skyward" target="_blank" data-ylk="slk:$747,500 in August 2016;elm:context_link;itc:0;sec:content-canvas" class="link ">$747,500 in August 2016</a> — a seven per cent increase from 2015 — according to the Honolulu Board of Realtors.<br> (Edmund Garman/Creative Commons) </p>
<p>One of two Australian cities on the list, Melbourne has a median multiple of 9.5.<br> (Bernard Spragg/Creative Commons) </p>
<p>California again? San Jose had a median multiple of 9.6 and a median home value of $852,200, <a rel="nofollow noopener" href="https://www.zillow.com/san-jose-ca/home-values/" target="_blank" data-ylk="slk:according to Zillow;elm:context_link;itc:0;sec:content-canvas" class="link ">according to Zillow</a>.<br> (Don DeBold/Creative Commons) </p>
<p>Auckland had a median multiple of 10. Ten years ago the average house price was NZ$500,000 (£277,000) — in September 2016, it <a rel="nofollow noopener" href="https://www.theguardian.com/world/2016/sep/07/why-auckland-is-leading-the-worlds-housing-market-boom" target="_blank" data-ylk="slk:peaked;elm:context_link;itc:0;sec:content-canvas" class="link ">peaked</a> at NZ$1M.<br> (Kevin Dooley/Creative Commons) </p>
<p>Canada’s Vancouver came in at a median multiple of 11.8. <a rel="nofollow noopener" href="http://globalnews.ca/news/1098143/vancouvers-housing-prices-2nd-most-affordable-in-the-world/" target="_blank" data-ylk="slk:The average house price in Metro Vancouver is $670,300, which would require 80 per cent of the average median household income to service the mortgage;elm:context_link;itc:0;sec:content-canvas" class="link ">The average house price in Metro Vancouver is $670,300, which would require 80 per cent of the average median household income to service the mortgage</a>.<br> (Magnus Larsson/Creative Commons) </p>
<p>With a median multiple of 12.2, Australia’s largest city is the second least affordable place to find housing. Median house <a rel="nofollow noopener" href="http://www.news.com.au/finance/real-estate/buying/sydney-housing-worlds-second-most-unaffordable/news-story/c721c685e1ef2d616c3c89cb3009496f" target="_blank" data-ylk="slk:prices in January 2017;elm:context_link;itc:0;sec:content-canvas" class="link ">prices in January 2017</a> reached AUD$1.077 million (CAD$1,094,000).<br> (Corey Leopold/Creative Commons) </p>
<p>Hong Kong wins the least affordable housing market award for the seventh consecutive year with a median multiple of 18.1 — slightly down from 19 last year. Apartments at the South Horizon complex in Aberdeen rang in at HK$16,497 (CAD$2,860) per square foot in November 2016.<br> (Colin Tsoi/Creative Commons) </p>
Iman Sheikh

When you think of unaffordable housing, the cities that spring to mind aren’t necessarily the most expensive ones in reality. In the 13th Annual Demographia International Housing Affordability Survey: 2017, some surprising culprits pop up from the 406 metropolitan housing markets studied in the third quarter of 2016.

The rankings are calculated using the mean multiple method; house price divided by the median household income. Here are the top 10 most “severely unaffordable” housing markets.