In a US survey of 227 cities, Melbourne has made it to #22 in the Top 50 Least Affordable Cities to live in, behind Mandurah, Sydney and Perth.
Melbourne housing is rated 7.3, meaning the cost of an average home is 7.3 times the average household income.
The survey uses the following ratings:
3.0 or less: Affordable
3.1 to 4.0: Moderately unaffordable
4.1 to 5.0: Seriously unaffordable
5.1 and over: Severely unaffordable
By the survey's reckoning, our home is Moderately Unaffordable.
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