Pittsburgh named as most affordable city for housing, Hong Kong bags last spot

As lodging rates rise throughout the world, Pittsburgh has been crowned the most cheap city for housing. Hong Kong, which has long been the world's most expensive housing market, rated last out of 92 housing markets evaluated in the Demographia International Housing Report. New York was placed 73rd, with London coming in at 79th.

The United States was the most cheap country in the survey, which also looked at markets in Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, and the United Kingdom. During the epidemic, property prices soared in the majority of global economies, as purchasers poured their hoarded savings into real estate.

Oklahoma City and Rochester, New York, were placed second and third on the affordability list, respectively, according to the writers. Sydney and Vancouver were among the most expensive cities.

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In an effort to temper a soaring real-estate market, Canada is prohibiting most foreigners from purchasing homes for two years and offering billions of dollars to promote new activity.

Meanwhile, Tel Aviv was named the most expensive city in the world to live in last year, as growing inflation drove up worldwide living costs. The Israeli city climbed five rungs to claim the top spot in the Economist Intelligence Unit's official ranking for the first time (EIU). The Worldwide Cost of Living Index is generated by comparing the prices of goods and services in US dollars across 173 different countries. Tel Aviv rose in the rankings, owing in part to the strength of the national currency, the shekel, versus the dollar, as well as rises in transportation and food prices.

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• Hong Kong
• Pittsburgh
• United Kingdom
• United States
• New York