USA property market considered most affordable
The USA property market is the most affordable among comparable countries, according to an international housing affordability survey.
The eighth Annual Demographia International Housing Affordability Survey, which covers affordability, measured as median house price divided by gross annual median household income, across 325 metropolitan markets globally, suggests that homes in USA currently represent good value for money and potential room for capital growth. 
A median multiple of 3 or below is considered affordable, while those markets with a house price to income multiple of 5.1 and above is considered severely unaffordable.
In 2011, the USA property market scored a median multiple of 3, same as that of 2010. Ireland, where property prices have tumbled since the market peak of 2007 as a consequence of the financial crisis, ranked the second most affordable, with a multiple of 3.3.
In stark contrast, the median multiple in Hong Kong was 12.6, followed by Australia at 5.6, New Zealand at 5.2 and the UK at 5.1.
Of the 81 major metropolitan markets analyzed with a population of over one million, 24 had affordable housing. All of them were located in the USA, suggesting that there are some real bargains available at the moment.
Detroit was the most affordable major market, followed by Atlanta. Phoenix and Las Vegas scored a median multiple of just 2.2 and 2.4 respectively.
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