PHOTO: SUPPLIED Auckland’s median house price is now nine times the median household income.
New Zealand’s house prices are among the most unaffordable in the world, a new survey shows.
The Demographia International Housing Affordability Survey rates housing affordability using the “median multiple”, a measure of median house price divided by median household income.
Authors Wendell Cox and Hugh Pavletich ranks as affordable cities where the median price is up to three times the median wage. Areas are classed as moderately unaffordable when the ratio is up to four, seriously unaffordable between four and five and severely unaffordable when the ratio is more than five times income.
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