The Demographia International Housing Affordability Survey for 2007 which measures affordability of housing in 159 cities in Canada, the United States, Britain, Ireland, Australia and New Zealand has just been released.
This third annual survey compares median incomes for an area to housing prices and produces an affordability ranking for each. Markets where homes can be purchased for less than 3 times the median income are considered affordable.
Regina, Saskatchewan and Fort Wayne, Indiana took the prize in the "Most Affordable" category. In either of these markets a typical home can be purchased at just two times the median income.
Los Angeles-Orange County, California topped the list of the "World's Most Unaffordable Housing Markets," where you can expect to pay a whopping 11.1 times the median income for a house.