Top 10 cities with least-affordable housing

Of the top 20 cities with least-affordable housing relative to income, seven are in Asia and six are in Latin America, according to the Bloomberg Global Housing Affordability Index.

The Venezuelan capital, Caracas, tops the list. In a city where the average monthly pay packet is just $31, it costs $416 to rent a three-bedroom property, while mortgage payments on a 93 square-meter residence average out at $1,971 per month.

The Bloomberg index calculates the affordability of renting or buying in 105 global and regional financial centers. Rankings are based on self-reported data, including net salary and mortgage interest rates.

Let's take a look at the top 10 cities with least-affordable housing in the world.

No 10 Shanghai

A night view of the Bund with the Oriental Pearl TV Tower and other skyscrapers in Pudong, Shanghai, Jan 22, 2017. [Photo/IC]