Beijing is least affordable city to rent: Report
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.