By Tyler Durden
This graphic, via Visual Capitalist, shows the average number of years that a skilled worker must work in order to afford a 650 square-foot condo near the city center across select markets, based on data from the UBS Global Real Estate Bubble Index 2024.
In Hong Kong, the most unaffordable city worldwide for 14 consecutive years, it takes more than two decades for an average skilled worker to buy a condo.
Paris stands as the most unaffordable city in Europe, despite real home prices falling more than 20% from post-pandemic highs.
The median sale price of a condo or co-op in Manhattan stood at nearly $1.2 million in the fourth quarter of 2023, with prices per square foot up 44% in a decade.
Source: ZeroHedge
Image: Pixabay
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