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by Chinese cities such as Guangzhou, and Beijing, but then comes also
the Indian city of Mumbai. And there's only one city in this small sample
that had a negative tendency, which is a small city in Japan: Kochi.

In developed countries, this ratio is usually between three and six. So Session II
when we calculated the PIR for these 211 cities in Asia, we were quite
surprised, because the vast majority fell into the last category of severely
unaffordable. We tried all kind of checks but we always found this very
Even though we have this anecdotal evidence, we still lack of really consistent result, that for over 80 percent of the people in Asia housing
systematic inventory of housing prices in the region. So, what we did is still remain severely unaffordable. Of course, in this sample of 27
to collect as many housing prices by city as we could, and use as many countries, we have more kind of lower income countries. Still, I think it's
sources that were available, using official and private sources. So, in the really shocking to see that housing still remains highly unaffordable for
end, we had 211 cities in 27 countries for which we had housing prices. many people.
Then we tried to find the income by the households in these cities,
which again was a challenge, because we don't have a lot of information
about the household income at the city level. So, we used the so-called
household income and expenditure surveys to calculate the median
income. And we also used the data by the World Bank Povcal. And then
we applied these benchmarks that are developed by the Demographia,
so if the price to income ratio is below three, it's affordable; between
three and four, basically moderately affordable, four and five, seriously
unaffordable, and if it is above five, it's labeled severely unaffordable.

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