How much property could you afford around the world on your salary? This new interactive tool will tell you…
- Turkey is ranked as the cheapest place to buy on an average salary
- South Korea the most expensive with an average salary affording just 84.4 ft2
- UK ranks 25th out of the 36 OECD countries for affordability
It costs more than ever to get your foot on the property ladder, but how does the affordability of homes compare around the globe?
A new tool from property search engine Homes.com lets you to see how much property you could buy around the world with your salary.
The tool compares 36 OECD countries – with Turkey ranked as the cheapest, and the UK coming out at 25th.
Turkey is ranked as the cheapest place to buy on an average salary, while the UK ranks at 25th
While someone earning the average salary in the US could afford a property of around 670 square feet, the typical Brit would only be able to afford around 215 square feet – a 68 per cent reduction in size.
Turkey comes out on top, with locals being able to purchase 742 square feet when earning the average household income of £13,326. Perhaps surprisingly, the US is close behind in second spot with earnings of £34,394 affording 669.4 square feet of real estate.
The third spot in the rankings goes to Mexico, followed by Russia and Slovakia.
On the other end of the affordability scale, South Korea comes out as the least affordable property market, with the median household income of £16,964 affording just 84.4 square feet of home.
And Switzerland comes in as the second least affordable property market for average earners, with an income of £28,408 affording 112.9 square feet, followed closely by Israel.
Enter your salary below to find out how much property you could afford around the world on your salary.