Comment by dan-robertson
1 day ago
What does ‘comparable’ mean? Is it about ratios between incomes and costs? Or cost of the same apartment in two places? Or something else?
1 day ago
What does ‘comparable’ mean? Is it about ratios between incomes and costs? Or cost of the same apartment in two places? Or something else?
Cost/income is a good ratio. The megacities (Shanghai, Shenzhen etc.) probably have a ratio similar to New York.
Just from top of my head as I left Shanghai 10 years ago, a typical condo in Shanghai could cost over 5 million yuan (urban but definitely not core city), while a salary of 300k pre-tax is considered as a good salary.
On the other side, housing is affordable for locals -- locals usually got very generous compensation from the demolition of their original home.
Median monthly cost in terms of median take home pay would be the sensible comparison.
This would exclude ex-pats.