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Housing Affordability Review – 2025

9/30/2025

Housing Affordability Review – 2025 reflects the DWS Real Estate Research team's opinions of the various aspects of Real Estate markets. This information represents our theoretical views on Real Estate markets globally and is not intended to comment on any DWS products or strategies or serve as investment advice, a recommendation, an offer or solicitation.

Simon Wallace

Global Co-Head of Real Estate Research

Martin Lippmann

Head of Real Estate Research, Europe

Global Housing Affordability Trends (2025)
The 2025 Housing Affordability Review analyses rental affordability across 80 major cities worldwide, covering the Americas, Europe and Asia-Pacific. In general, North America remains the most affordable region, followed by Europe, with Asia-Pacific trailing due to lower incomes in many cities. The study emphasizes the importance of evaluating both rent-to-income ratios and residual spending power to capture the nuanced nature of affordability. Also, despite elevated housing costs, many global cities remain attractive due to agglomeration benefits, underlining tenants’ willingness to pay premium rents in highly attractive urban environments.

Affordability Dynamics and Ranking Shifts
The study finds that renting has on average become more expensive compared to last year. In general, households now spend 38% of their disposable income on rent—a slight increase from last year—reflecting rising rents but also positive income growth, which mitigated rental increases somewhat. On a local level, Salt Lake City and Austin maintained first and second place as the most affordable locations, while Brisbane, Melbourne and Sydney climbed the ranks compared to last year, completing the top five. Conversely, cities like Bangkok, Mexico City, Mumbai, Johannesburg and Hong Kong struggled with high rent burdens and limited disposable income. Changes in rankings are driven by shifts in income levels and rental prices, with cities like Seoul, Boston and Dublin ascending, while Helsinki, Rome, and Frankfurt fell mainly due to slower income growth.

City Spotlights
The review includes detailed city profiles, such as Munich, Brisbane, Barcelona, Miami, Bangalore, Salt Lake City, Osaka, Dublin, and Singapore, and illustrates the diverse factors influencing affordability, from economic growth and migration to policy reforms and housing supply. The report underscores that while affordability is a key metric for investors and policymakers, it must be interpreted alongside local income dynamics and broader urban trends.

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