Least Affordable Housing Is In Mumbai: Study

04/12/2012 03:07 pm ET | Updated Apr 14, 2012

How long would the average New Yorker have to work to be able to afford a luxury 1,076-square-foot apartment in Manhattan?

About half a lifetime, according to Bloomberg.

And that's not long compared to cities like Shanghai and Mumbai, both of which have the least affordable home markets for locals.

Bloomberg used data from a housing index by international property consultancy Knight Frank LLP and measured it against national income figures from the U.S. Central Intelligence Agency to create its tally of most expensive cities.

In Mumbai--the least affordable city on the list--the average Indian would need over three centuries worth of earnings to afford a 1,076-square-foot apartment, which in the commercial capital of India costs approximately $1.14 million, Bloomberg calculated.

Here are Bloomberg's rankings of the most expensive home markets, listed with the years worth of work it would take for a local to afford a home:

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