ROCHESTER, N.Y. (WROC) — Forget New York or even the United States: Rochester was recently named No. 3 on a list of cities with the most affordable housing in the world.
This is according to a new Demographia International Housing study, which assessed housing markets across the globe (full report below).
The study scored Rochester’s “median multiple” — based on median house price and median household income from the third quarter of 2021 — at a 3.3. Buffalo came in at No. 9 with a score of 3.9.
“As the pandemic and lockdowns continued into a second year, the movement of households from denser urban neighborhoods to larger homes, often with large yards (gardens) in suburban and outlying areas has continued,” author Wendell Cox wrote in the report. “The result has been to drive up prices at unprecedented rates in many markets. As a result, many low-income and middle-income households who already have suffered the worst consequences from housing inflation will see their standards of living further decline.”
According to the study, the top five cities for most affordable housing were:
- Pittsburgh, Pennsylvania
- Oklahoma City, Oklahoma
- Rochester, New York
- Edmonton, Alberta-Canada.
- St. Louis, Missouri
Hong Kong, Sydney, and Vancouver ranked among the least affordable cities worldwide
“There has been an unprecedented deterioration in housing affordability during the pandemic,” Cox wrote. “The number of severely unaffordable markets rose 60% in 2021 compared to 2019.”