“Of all the major markets surveyed, Hong Kong came out as the least affordable at 12.6. Vancouver, Canada, was the second most unaffordable with a median multiple of 10.6 All the markets of Australian and New Zealand were severely unaffordable — which perhaps leads you to the next bursting housing bubbles.  The US, by contrast, dominates the affordability rankings with several cities below 2 and most in the range of 2-3.  US housing is a buy. It is a cheap asset. Look to buy a house and rent it. By the time the mainstream gets onto the idea, the bottom will be years behind us.”

http://dailyreckoning.com/us-housing-surprising-numbers/

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