More moving to cities, but cannot afford housing

New York

AS people around the world move into cities and look for housing, one thing is clear: Most will have a hard time paying for it.

Average monthly take-home pay won't cover the cost of buying a 1,000-square-foot residence or renting a three-bedroom home in any of the 105 metropolitan areas ranked by the Bloomberg Global City Housing Affordability Index - based on a general rule of thumb among US lenders that people should spend no more than 28 per cent of net income on housing costs. Only 12 cities would be considered affordable if they spend 50 per cent.