For the seventh year in a row, the <a href="index.php?page=&url=http%3A%2F%2Fwww.demographia.com%2Fdhi.pdf" target="_blank" target="_blank">13th Annual Demographia International Housing Affordability Survey: 2017</a> named Hong Kong the most expensive housing market. The survey uses the "median multiple" ratio system, which divides median house price by gross annual median household income. Hong Kong clocked a median multiple of 18.1, down from 19 last year.
1. Hong Kong, China —
For the seventh year in a row, the 13th Annual Demographia International Housing Affordability Survey: 2017 named Hong Kong the most expensive housing market. The survey uses the "median multiple" ratio system, which divides median house price by gross annual median household income. Hong Kong clocked a median multiple of 18.1, down from 19 last year.
ALEX OGLE/AFP/AFP/Getty Images
The second most expensive housing market for the second year running, Sydney has maintained a 12.2 median multiple -- the same as last year. For perspective, "severely unaffordable" housing is defined by Demographia as a market with a median multiple of 5.1 or higher.
2. Sydney, Australia —
The second most expensive housing market for the second year running, Sydney has maintained a 12.2 median multiple -- the same as last year. For perspective, "severely unaffordable" housing is defined by Demographia as a market with a median multiple of 5.1 or higher.
ethan rohloff/destination nsw
Vancouver scored 11.8, making it the world's third most expensive housing market.
3. Vancouver, Canada —
Vancouver scored 11.8, making it the world's third most expensive housing market.
Robert Giroux/Getty images
Auckland is the fourth-least affordable market, while New Zealand is the second most expensive nation for housing overall.
4. Auckland, New Zealand —
Auckland is the fourth-least affordable market, while New Zealand is the second most expensive nation for housing overall.
Dean Tremel/AFP/Getty Images
San Jose, in Silicon Valley, has seen massive growth over the past decade. The housing market is currently among the most expensive in the US with a median multiple of 9.6.
5. San Jose, CA, US —
San Jose, in Silicon Valley, has seen massive growth over the past decade. The housing market is currently among the most expensive in the US with a median multiple of 9.6.
HELENE LABRIET-GROSS/AFP/Getty Images
With a 9.5 median multiple score, Melbourne has become increasingly unaffordable, pricing out many domestic investors.
6. Melbourne, Australia —
With a 9.5 median multiple score, Melbourne has become increasingly unaffordable, pricing out many domestic investors.
Clive Brunskill/Getty Images AsiaPac/Getty Images
It might seem idyllic, but Honolulu is one of the most expensive markets in the world for housing. The island metropolis is the second least affordable in the US, with a median multiple of 9.4.
7. Honolulu, HI, US —
It might seem idyllic, but Honolulu is one of the most expensive markets in the world for housing. The island metropolis is the second least affordable in the US, with a median multiple of 9.4.
PATRICK BAZ/AFP/AFP/Getty Images
In Los Angeles -- which scored 9.3 -- housing prices rose the equivalent of 14 months in household income in only 12 months, the report said.
8. Los Angeles, CA, US —
In Los Angeles -- which scored 9.3 -- housing prices rose the equivalent of 14 months in household income in only 12 months, the report said.
David McNew/Getty Images North America/Getty Images
San Francisco is among the most expensive cities in the US, with a median multiple of 9.2.
9. San Francisco, CA, US —
San Francisco is among the most expensive cities in the US, with a median multiple of 9.2.
Justin Sullivan/Getty Images
About an hour southwest of London, Bournemouth and Dorset is the most expensive housing market in England.
10. Bournemouth & Dorset, UK —
About an hour southwest of London, Bournemouth and Dorset is the most expensive housing market in England.
Matt Cardy/Getty Images Europe/Getty Images