What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Conquering the Mortgage Lender’s Dilemmas

This webinar provides a roadmap for creating a sophisticated, digital-first cost improvement strategy to maximize profits by reducing high processing environments.

HW's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

We need higher mortgage rates to cool the housing market

2020-2024 will have the best housing market demographics and the lowest mortgage rates ever recorded, which could accelerate real home prices too quickly.

Real Estate

Here are the 5 most unaffordable cities in the world

Considering median income, these metros are highly unaffordable

High rents aren't just a problem in the U.S. A new study from RentCafé showed the most unaffordable cities in the world to rent in, based on median income.

The study used PricewaterhouseCoopers’ ranking of the world’s Cities of Opportunity, an in-depth analysis of the most prosperous global business, finance and culture capitals. The study looks at 10 different indicators including infrastructure, intellectual capital and innovation, sustainability and ease of doing business.

Of the 30 cities on the list, Manhattan is the priciest city in the world in which to rent, and its population pays an average of 59% of their income in rent.

In San Francisco, the median income sits at about $92,000, one of the highest income levels represented, but that's still not enough to keep with the rising rent prices. The rent-to-income ratio stands at about 41% in San Francisco.

Here are the top five least affordable cities in the world and their rent-to-income rations:

5. Paris – 46%

Rent per month: $1,600

Household income per month: $3,442

4. Los Angeles – 47%

Rent per month: $2,055

Household income per month: $4,333

3. Lagos, Portugal – 57%

Rent per month: $355

Household income per month: $625

2. Manhattan – 59%

Rent per month: $3,725

Household income per month: $6,298

1. Mexico City – 60%

Rent per month: $720

Household income per month: $1,208

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