U.S. cities like San Francisco and New York city have gotten pretty expensive, but a new study says that comparatively, it’s not that much. Bloomberg’s Global City Housing Affordability Index pointed out that when salaries are taken into account things look a bit different.
Cities elsewhere in the world like Caracas, Kiev, and Hanoi have rents that average around $416, $609, and $728. To a big city liver in the U.S. that’s extremely cheap. However in those cities, the average monthly rent is 300 percent what the average citizen is actually earning. Ouch.
When you look at it that way, North American cities are actually quite affordable. Other cities that make the affordable list include Houston, Philadelphia, Calgary, Chicago, and Ottawa.
The most affordable city in the world happens to be Riyadh, where the average monthly rent is a mere 31 percent of what the average person is making in a month.