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Rockford makes international affordability ranking

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Rockford makes international affordability ranking

The Rockford area has long been known to be one of the most affordable housing markets in the United States. According to figures published by Fortune Magazine, it is one of the most affordable housing markets of any developed country in the world.

Fortune used the figures compiled for the 13th Annual Demographica International Housing Affordability Survey, which it uses to rate middle-income housing affordability worldwide. The report covered 406 metropolitan housing
markets in nine countries – Australia, Canada, China, Ireland, Japan, New Zealand, Singapore and the United Kingdom.

The key calculation is the “Median Multiple,” which is the median housing price divided by the median household income. Demographia focuses on this metric because some of the most expensive housing markets in the U.S. tend to land on “best cities to live lists. Demographia used third quarter 2016 statistics to compile the rankings.

“In fact, a city cannot be livable, nor can it be a best city to middle-income households that cannot afford to live there. Households need adequate housing,” the report contends.

Click here to find the full report.

Here are the most affordable housing markets in those nine countries:

Most Affordable Housing Markets

Housing market

Country

Median
Price

Median HH
Income

Median
Multiple

Racine, Wis.

U.S.

$104,000

$58,400

1.8

Bay City, Mich.

U.S.

$91,000

$47,500

1.9

Decatur, Ill.

U.S.

$99,400

$49,100

2.0

Elmira, N.Y.

U.S.

$109,400

$54,200

2.0

East Stroudsburg, Pa.

U.S.

$123,000

$58,500

2.1

Karratha, WA

Australia

$363,000

$171,900

2.1

Lima, Ohio

U.S.

$110,000

$51,400

2.1

Moncton, NB

Canada

$134,900

$65,200

2.1

Peoria, Ill.

U.S.

$123,100

$57,500

2.1

Rockford, Ill.

U.S.

$111,900

$52,100

2.1

Scranton-Wilkes Barre, Pa.

U.S.

$109,000

$50,700

2.1

Springfield, Ohio

U.S.

$102,000

$49,000

2.1

Terre Haute, Ind.

U.S.

$88,000

$41,800

2.1

Youngstown, Ohio

U.S.

$90,300

$44,000

2.1

And here are the least affordable places to live for a middle-income family.

Least Affordable Housing Markets

Housing market

Country

Median
Price

Median HH
Income

Median
Multiple

Hong Kong

China

$5,422,000

$300,000

18.1

Sydney, NSW

Australia

$1,077,000

$88,000

12.2

Vancouver, BC

Canada

$830,100

$70,500

11.8

Auckland

New Zealand

$830,800

$83,000

10.0

San Jose, Calif.

U.S.

$1,000,000

$104,100

9.6

Melbourne, VIC

Australia

$740,000

$78,200

9.5

Honolulu

U.S.

$745,300

$78,900

9.4

Los Angeles, Calif.

U.S.

$593,900

$63,900

9.3

San Francisco, Calif.

U.S.

$835,400

$90,400

9.2

Bournemouth & Dorset

United Kingdom

$332,085

$37,500

8.9

– By Alex Gary

 

 


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