Beijing is least af­ford­able city to rent: Re­port

China Daily (Canada) - - NEWS CAPSULE -

Beijing has the world’s least af­ford­able rental hous­ing mar­ket, ac­cord­ing to a sur­vey of 15 global cities, with costs soar­ing to more than 1.2 times av­er­age wages.

Of the cities in the study, San Fran­cisco has the most ex­pen­sive monthly rent, $2,824, while Beijing’s $789 per month is the least af­ford­able given lo­cal salary level, ac­cord­ing to the re­port.

“Beijing’s av­er­age hous­ing cost ac­counts for more than 100 per­cent of net earn­ings,sug­gest­ing that a worker on an av­er­age salary can­not live alone in typ­i­cal city ac­com­mo­da­tion,” said the re­port.

Abu Dhabi was a dis­tant sec­ond in terms of af­ford­abil­ity, with rental costs equal to 69.5 per­cent of lo­cal net earn­ings, fol­lowed by Hong Kong.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.