Top 10 least affordable cities to rent in
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Beijing an international city, has always been in the teeth of the storm.
Source from CHINADAILY.
Top 10 least affordable cities to rent in
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.
San Francisco has the most expensive monthly rent of $2,824 in an absolute sense, while Beijing, $789 per month, is least affordable given local salary level, according to the report by UK-based not-for-profit organization Global Cities Business Alliance.
In part due to high rents, the city also has the second-longest commute, an average of 104minutes per round trip, ranking only after Mexico City.
The rent spikes come as China's property sector has staged a revival over the last couple of months. Beijing saw home price rise 18 percent in the year to March, and restrictions on non-residents buying housing until they have paid tax in the city for five years makes renting the only option for many.
For bus drivers, nurses and primary school teachers in the city, the average cost of housing exceeded their annual disposable income level in 2015, the findings showed.
"Beijing's average housing cost suggests that a worker on an average salary cannot live alone in typical city accommodation," said the report.
Abu Dhabi only comes as a distant second in terms of affordability, with rental costs equal to69.5 percent of local net earnings, followed by Hong Kong as a third.
Here, let's take a look at the top 10 least affordable cities to reside in.
10. Paris
Annual rent: 36.2 percent of net earnings
People in Paris spend a total of 23 days a year on commuting, latest study shows, April 18, 2016.
9. London
Annual rent: 50.4 percent of net earnings
The sun rises behind 'Big Ben' in London, Mar 16, 2016.
8. San Francisco
Annual rent: 50.5 percent of net earnings
A street in San Francisco, California, Oct 21, 2015. San Francisco is among the most expensive cities in the United States to reside in.
7. Dubai
Annual rent: 55.4 percent of net earnings
A luxury hotel is seen in Dubai, United Arab Emirates.
6. Mexico City
Annual rent: 58 percent of net earnings
Fishing boats moor at Acapulco Bay, South from Mexico City.
5. Shanghai
Annual rent: 58.3 percent of net earnings
A jogger runs on the Bund after a rain with the skyline of skyscrapers and high-rise buildings in thebackground Shanghai, Nov 7, 2013.
4. New York
Annual rent: 63.1 percent of net earnings
Pedestrians walk past giant billboards on Fifth Avenue in New York, Feb 26, 2016.
3. Hong Kong
Annual rent: 64 percent of net earnings
A view of Central district of Hong Kong, China.
2. Abu Dhabi
Annual rent: 69.5 percent of net earning
The Breitling Wingwalkers team performs in close formation over the Shaikh Zayed Grand Mosque inAbu Dhabi.
1. Beijing
Annual rent: 122.9 percent of net earnings
A view of Taikoo Li Sanlitun, the bustling zone of Beijing, July 15, 2015.
(The End.)