WASHINGTON, JAN 25 – An annual study suggested that the most expensive housing market in the world is in Hongkong.Hong Kong has led the list since it was first introduced onto the Demographia International Housing Affordability Survey seven years ago.The survey assesses the median housing prices and median incomes to ascertain median multiples, which it uses to determine the rankings.Least Affordable Housing Markets 1. Hong Kong, China 2. Sydney, Australia 3. Vancouver, Canada 4. Auckland, New Zealand 5. San Jose, Calif. 6. Melbourne, Australia 7. Honolulu, Hawaii 8. Los Angeles, Calif. 9. San Francisco, Calif. 10. Bournemouth & Dorset, U.K. Most Affordable Housing Markets 1. Racine, Wis. 2. Bay City, Mich. 3. Decatur, Ill. 4. Elmira, N.Y. 5. East Stroudsburg, Penn. 6. Karratha, Australia 7. Lima, Ohio 8. Moncton, Canada 9. Peoria, Ill. 10. Rockford, Ill.