Changsha, the capital of Hunan Province in central China, was listed as the city with the lowest housing-price-to-income ratio, according to the latest Cities' Housing Price-to-Income Ratio Ranking released by Shanghai-based E-house China R&D Institute.

Shenzhen ranked first on the list with a ratio of 20.2, followed by Xiamen and Beijing. The overall housing-price-to-income ratio for houses was 7.1 last year, down slightly compared with 7.3 in 2013, according to the report.

Usually, it includes a bubble if the ratio surpasses six in developed countries. However, there is no specific definition for a reasonable ratio. In China, a ratio between six and seven is deemed reasonable.

The average ratio for the 35 cities was 8.7, with 14 cities higher than average. On the other hand, 18 cities showed a decline compared to 2013. Among them, Yinchuan, Hangzhou and Nanchang saw an obvious decline in ratio.

Let's take a look at the top 10 cities with the lowest housing-price-to-income ratio in 2014:

   Chengdu

Chengdu

Housing Price-to-Income Ratio: 6.9