In most countries, house prices continue to rise faster than wages—causing homeownership an increasing struggle for aspiring owners. But how far can your earnings go when it comes to buying property in the world’s global cities?
A new study found that a median-value home in Manila can be paid off with the equivalent of 42.2 local annual salaries – making it the 8th least affordable capital city globally.
patrickroque01, CC BY-SA 4.0, via Wikimedia Commons
That’s according to NetCredit, which analyzed over 800,000 online property listings for 73 global capitals and calculated the median house price for each city in total and per square meter. The team then researched the average monthly net salary for each capital and calculated affordability to ascertain the number of years the average earner would need to work to buy a median home value. Here’s a preview of the results:
Photo: NetCredit
The team also illustrated the results of the median price of homes in the world’s global cities and the cost of houses per square meter.
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