The world map that shows how many salaries are needed to buy a house and shows where Spain is located

For this they have consulted the price per square meter in each country comparing it with the real annual salary in 62 countries. They point out that they discovered that “some of the properties More expensive residential properties are not found in developed countries with high standards of living, but in smaller economies where the cost of housing may be low, but so is the average income of residents. With a house price-income ratio of 81.45%, being Türkiye the least affordable country in Europe to buy a home in 2024,” they say.

Some calculations that take inflation into account for your income and home price estimates pulled from Numbeo, which is the largest Internet database of the cost of living around the world. Furthermore, they only looked at the interest rates of Mortgages in which rates are fixed for a minimum of 5 years.

When we look at the map

On this map, the one who comes out worst off is Nepalwhere nothing less than 684 salarieswhich translate into 57 yearsto be able to have a home with the characteristics indicated by BestBrokers. And secondly starting from the bottom would be Türkiye. In this country it takes 52 years and six months, which are 631 salaries to have a house with the specified characteristics.

At the other end there would be South Africafirst, followed by USA appear as most affordable countries to buy a house in the countries analyzed. For example, a square meter in South Africa costs 879 euros and your real annual salary is 14,150 euros. Best Brokers argues that if we look at housing affordability in terms of monthly income, the figures show that a 100 square meter house in South Africa costs only 71 real monthly salarieswhile in the US it requires 76 salaries monthly average.

“This is approximately equivalent to 6 years of annual salaries and it is the best result of all the countries we analyzed,” they say. However, they point out that with current real estate prices, many Americans feel that they would never be able to buy a home, something that could be true in high-demand markets, but things change. when we talk about small cities.

«In reality, property prices vary greatly from state to state; between cities, neighborhoods and counties. And they explain that due to high average annual salary At around $49,525 in real terms, American homebuyers have access to affordable housing compared to the rest of the world.

Spain and other countries to highlight

When we talk about our country, according to data from Best Brokers, it would be necessary 132 salaries real monthly, that is 11 years to buy a 100 square meter home. Since the average annual salary is 25,800 euros and the cost per square meter would be, on average, 2,900 euros. However, portals such as Idealista point downwards with an average price of 2,175 euros per square meter.

Bankinter, for its part, in its statement on the evolution of the economic effort when buying a house of 80 square metersindicated based on statistics from the Bank of Spain from the last three decades that a family should allocate 7.3 years of your gross income to pay for the purchase of a homewhich is more than double what it was three decades ago. In 1987“that family would have dedicated a little less three years (2.99 years) of your income to finance your house,” states the financial institution.

Other European countries such as Germany They represent 185 payrolls, about 15 years to be able to acquire a 100 square meter house. While in Italy there are 184 and in the United Kingdom 202 monthly salaries are needed, that is, approximately 17 years. and in Denmarkresidents would have to save their income for 9 years, about 114 months of salary.

Likewise, Best Brokers highlights that «South Korea appears among the countries where housing is less affordableoccupying ninth place in this metric, but not because of high inflation, but because of the high real price of housing ($10,318.46 per square meter) compared to the real income of residents, which is only $2,221 dollars per month or $26,653 per year on average.

A more intense color means a less affordable purchase. Best Brokers makes it clear with this visualization that the issue of housing and the difficulties and efforts faced by every future owner To this day, it is still a pending issue at a global level in various countries around the world.