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Panama Canal Expansion Facts

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Panama Canal Expansion Facts

Panama Canal Expansion Facts

The Panama Canal expansion began in 2007, and will be finally completed next year. The project, costing $5.25 billion, will have a large effect on international trade.

The most important result will be the amount of tonnage travelling through the canal. Yearly tonnage is expected to increase 218% from 275 million tons to 600 million tons.

An important boon of the expansion will be to LNG exporting countries, as most LNG carriers will be able to fit through the new canal. As an example, a Bloomberg report has the cost for an LNG ship from Sabine Pass, Louisiana to make it to Fukuoka, Japan pre-expansion at $11.4 million, taking 63.6 days. With the new Panamax expansion, it would cost $8 million and take only 43.4 days for a carrier to make the voyage.

Original graphic: Tuscor Lloyds

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Ranked: 15 of the World’s Least Affordable Housing Markets

This map examines middle-income housing market affordability across eight major countries, highlighting some of the least affordable cities.

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Mapping housing market affordability and some of the least affordable cities

Ranked: 15 of the World’s Least Affordable Housing Markets

When considering where to live, big cities are attractive to people for a number of reasons, but affordability is usually not one of them.

This map, using data from Demographia, highlights the major cities ranked the worst for housing market affordability on a global basis.

Unaffordable Housing Markets

Demographiaโ€™s report looks at middle-income housing affordability in 94 cities in eight countries, many of which are known for having pricy housing markets:

  • ๐Ÿ‡ฆ๐Ÿ‡บ Australia
  • ๐Ÿ‡จ๐Ÿ‡ฆ Canada
  • ๐Ÿ‡จ๐Ÿ‡ณ China (Hong Kong)
  • ๐Ÿ‡ฎ๐Ÿ‡ช Ireland
  • ๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand
  • ๐Ÿ‡ธ๐Ÿ‡ฌ Singapore
  • ๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡บ๐Ÿ‡ธ United States

For the 2023 report, it uses 2022 Q3 prices and income levels for evaluation, dividing the median house price by the gross median household income to find the median multiple for housing.

And for the first time in the history of Demographiaโ€™s reporting, not a single of the 94 cities scored below 3.0, the cutoff to be deemed โ€œaffordable.โ€ Hereโ€™s a closer look at the least affordable markets in 2023:

RankCityHousing Median Multiple
1๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong18.8
2๐Ÿ‡ฆ๐Ÿ‡บ Sydney13.3
3๐Ÿ‡จ๐Ÿ‡ฆ Vancouver12.0
4๐Ÿ‡บ๐Ÿ‡ธ Honolulu11.8
5๐Ÿ‡บ๐Ÿ‡ธ San Jose11.5
6๐Ÿ‡บ๐Ÿ‡ธ Los Angeles11.3
7๐Ÿ‡ณ๐Ÿ‡ฟ Auckland10.8
8๐Ÿ‡บ๐Ÿ‡ธ San Francisco10.7
9๐Ÿ‡ฆ๐Ÿ‡บ Melbourne9.9
10๐Ÿ‡จ๐Ÿ‡ฆ Toronto9.5
11๐Ÿ‡บ๐Ÿ‡ธ San Diego9.4
12๐Ÿ‡ฌ๐Ÿ‡ง London8.7
13๐Ÿ‡บ๐Ÿ‡ธ Miami8.5
14๐Ÿ‡ฆ๐Ÿ‡บ Adelaide8.2
15๐Ÿ‡ฌ๐Ÿ‡ง Bournemouth & Dorset8.0

For well over a decade now, Hong Kong has taken the top spot as the least affordable market globally. The only city to become even less affordable year over year was Los Angeles.

On the flip side, the most affordable city in the U.S. was Pittsburgh, with the median multiple sitting at 3.1. As people start to get priced out of certain markets, they may start to move to these more affordable cities.

Zooming out farther, here are the housing market affordability scores for all eight jurisdictions covered in this report:

Country / JurisdictionHousing Median Multiple
๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong18.8
๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand10.8
๐Ÿ‡ฆ๐Ÿ‡บ Australia8.2
๐Ÿ‡จ๐Ÿ‡ฆ Canada5.3
๐Ÿ‡ธ๐Ÿ‡ฌ Singapore5.3
๐Ÿ‡ฌ๐Ÿ‡ง UK5.3
๐Ÿ‡ฎ๐Ÿ‡ช Ireland5.1
๐Ÿ‡บ๐Ÿ‡ธ U.S.5.0

Again, none of these countries are considered affordable, but within each there is a wide range of scores. Hong Kong is significantly less affordable than the second-place New Zealand and third-place Australia.

Scores across Canada, Singapore, the UK, Ireland and the U.S., however, are quite similar.

Better Cities for Housing Market Affordability

While many people flock to big cities, evidenced by the fact that many of the least affordable places are also among the most populous, others are opting to live somewhere more in their price range.

Hereโ€™s a glance at some of the most affordable housing markets worldwide:

RankCityHousing Median Multiple
1๐Ÿ‡บ๐Ÿ‡ธ Pittsburgh, PA3.1
2๐Ÿ‡บ๐Ÿ‡ธ Rochester, NY3.2
3๐Ÿ‡บ๐Ÿ‡ธ Cleveland, OH3.5
3๐Ÿ‡บ๐Ÿ‡ธ St. Louis, MO-IL3.5
5๐Ÿ‡บ๐Ÿ‡ธ Cincinnati, OH-KY-IN3.6
5๐Ÿ‡บ๐Ÿ‡ธ Oklahoma City, OK3.6
7๐Ÿ‡บ๐Ÿ‡ธ Buffalo, NY3.7
8๐Ÿ‡บ๐Ÿ‡ธ Detroit, MI3.8
9๐Ÿ‡บ๐Ÿ‡ธ Louisville, KY-IN3.9
9๐Ÿ‡บ๐Ÿ‡ธ Tusla, OK3.9
11๐Ÿ‡จ๐Ÿ‡ฆ Edmonton, AB4.0
11๐Ÿ‡บ๐Ÿ‡ธ Hartford, CT4.0
11๐Ÿ‡บ๐Ÿ‡ธ Kansas City, MO-KS4.0
14๐Ÿ‡บ๐Ÿ‡ธ Columbus, OH4.1
14๐Ÿ‡บ๐Ÿ‡ธ Grand Rapid, MI4.1
14๐Ÿ‡บ๐Ÿ‡ธ Indianapolis, IN4.1
14๐Ÿ‡บ๐Ÿ‡ธ Minneapolis-St. Paul, MN-WI4.1
14๐Ÿ‡บ๐Ÿ‡ธ Philadelphia, PA-NJ-DE-MD4.1

All of the top 18 most affordable cities covered in the report are located in North America.

While big, global cities will certainly continue to attract talent and residents from all over, the more affordable cities may gain new residents for more practical financial reasons.

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