Demographia’s research shows that the typical Adelaide house costs 6.4 times the median household income. By contrast, the typical house in New York is 5.9 times that mega-city’s median household income.
- Adelaide is now one of the least affordable cities in the world in which to buy a house. On a scale of 367 cities assessed, Adelaide sits near the bottom as the 321st least affordable city in which to buy a house. The rankings are calculated by comparing the median household income ($66,700pa) and median house prices ($430,000) against those in the other markets. The median price of a house in Adelaide is 6.4 times the median wage compared to 2.9 times in 1980 (according to Reserve Bank data);
- In contrast, Adelaide’s US Sister City, Austin (Texas), has an almost identical US dollar Median Household Income ($65,800 pa) but a significantly lower Median House Price ($264,000). Austin’s economy is currently rated number 1 in the US, has an average economic growth of 5.7 per cent over 10 years and job growth of just under 11 per cent over 5 years. The median price of a house in Austin is 4.0 times the median wage, compared to Adelaide’s 6.4.
This is in keeping with one of our reasons for leaving adelaide, we saw this coming, even in Sydney our ratio was approx 5.1 times (on a good salary)when we were there, but this rose to 5.3 and up to 6 in adelaide as the pay is considerably less and the relative cost of housing (considering the employment market) and the restrictions mentioned above take effect.
By contrast , it is floating around 4.5 where we are here in SE UK , considering the income potential, public transport and living outside the major cities, you get alot for your money.