Hong Kong was the least affordable housing market in Demographia’s annual comparison for a 16th year, with a median multiple of 14.1, according to a local report on the 2026 study. The ratio divides a market’s median house price by its median household income.
Hong Kong narrowly exceeded Sydney, which recorded 14.0. San Jose followed at 11.3 and Adelaide at 11.2, while New York was at 7.5 and London at 6.9. Demographia classifies a median multiple above 9 as its highest unaffordability category.
Hong Kong’s ratio has nevertheless fallen sharply from 23.2 in 2021. Private residential prices were down 26% from their September 2021 peak by September 2025, according to official data cited in the report. Prices then rose nearly 8% through April 2026 but remained 20.5% below the peak.
The comparison covered 96 markets in eight countries and used data from the third quarter of 2025. It is therefore a cross-market price-to-income benchmark rather than a real-time measure of every 2026 price movement.
The report also noted a specific limitation for Hong Kong: roughly one-third of the population lives in public rental housing. Economists cited in the report said a private-market price-to-income ratio therefore does not fully describe housing affordability across the territory.
References
The Standard — Hong Kong remains world’s least affordable housing market for 16th year
