Demographia recently released it’s 13th annual report on housing affordability in 406 metropolitan housing markets in nine countries: Australia, Canada, China (Hong Kong only), Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States.Demographia uses the following housing affordability ratings based on median house price divided by median household income:Affordable 3.0 and under Moderately Unaffordable – 3.1-4.0 Seriously Unaffordable – 4.1-5.0 Severely Unaffordable – 5.1 and over Some highlights of the report:Of the 406 total markets there are 99 rated as affordable, of which 82 are in the United States, 10 in Canada, 4 in Australia and 3 in Ireland. The most affordable market in the world is… Racine Wisconsin. There are 94 severely unaffordable markets, of which 36 are in the United States, 33 are in Australia, 11 in the UK, 7 in Canada, 6 in New Zealand and one in China. Hong Kong is the least affordable market in the world, followed by Syndey, Vancouver, Aukland and San Jose. Toronto ranks 12th, just below the top 10.