WANDERING TRAVELLER

Anyone who has observed the housing market over the past two decades can attest that buying a home has become increasingly difficult, especially in some of the world's most prominent cities.  A recent report has taken this sentiment a step further by introducing a new category: "impossibly unaffordable" cities.  This label underscores the growing disparity between average incomes and home prices, highlighting the intense challenges faced by potential home buyers. The annual Demographic International Housing Affordability report, which has been tracking house prices for 20 years, provides a comprehensive comparison of average incomes and average home prices.  The findings are stark. Pandemic-driven demand for homes with outdoor spaces, restrictive land use policies aimed at curbing urban sprawl, and a surge of investors entering the market have collectively driven prices to unprecedented levels. The report reveals that US cities, particularly on the West Coast and in Hawai...