01/23/2013 05:32 pm ET

13 Cities Where Housing Costs Are Crushing People (PHOTOS)

Live in certain cities, and it doesn't really matter whether you rent or buy: It's going to be hard to make your monthly payment.

Need an explanation? Let's say you're a mortgage-holding U.S. homeowner of moderate income. Then you likely spend around two-fifths of your income on housing. That's the average calculated by the National Center for Housing in a recent study, which also found moderate-income renters spend around one-third of their incomes in housing. And it's getting worse, as housing costs have been growing twice as quickly as incomes, according to the study.

Hey, you can at least take comfort in the fact that some cities are more unaffordable than yours. That is, unless you live in Hong Kong. A new study by Demographia crunched the numbers by calculating how much more expensive the median house is than the median annual household income in metropolitan housing markets around the world. Check out the 13 cities with the most unaffordable housing below:

The World's Least Affordable Housing Markets