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US cheapest English-speaking market

26th January 2012 | back to article listings BACK    print this article PRINT

A new survey has indicated that the cheapest English-speaking countries to buy property in is the United States.

Demographia, a public policy company, completed the global study of metropolitan areas and deemed the average house price in the US is "affordable."

The affordability criteria is made up by calculating the areas average house price and dividing it by the gross average salary (before tax). This is then ranked with a score; 3 indicates affordable, 4.1 to 5.0 are seriously unaffordable and over 5 is severely unaffordable.

Other English-speaking countries examined were Australia, Hong Kong, Canada, New Zealand, Ireland and the United Kingdom.

In the US Detroit was the cheapest place to live with a score of 1.7 but areas deemed unaffordable, with scores between 6.9 and 5.3, were San Jose, San Francisco, San Diego, New York, Los Angeles and Boston.

Copyright Press Association 2012

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