Comment by markus_zhang

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.