Cities Where Buying a House Is The Most Difficult

Updating data about any city in the world with direct feedback from people, Numbeo covers mid-2021. Property Prices Index by Province updated the list. With the updated list, the difficulties of buying a house according to the average household income of people in any country and city were also revealed.

The data on Numbeo shows how much average annual household income you need to buy a medium-sized apartment. The ratios you see in parentheses in the list are relative to the average household income. in the case of being completely deposited aside without being spent anywhere It shows how many years you can buy an average house (90 square meters).

Where the house price/income ratio is lowest, that is, the easiest to buy a house on an average income (data for mid-2021):

According to data compiled on a map by Landgeist, the provinces in Europe with the lowest ratio of house prices to income included the Irish city of Limerick. In the city of Limerick, it was announced that the rate was 4.3. Second on the list was a province from Ireland again. The second most affordable European city to buy a home was Cork with a rate of 5.6.

• Limerick, Ireland (4.3)
• Cork, Ireland (5.6)
• The Hague, Netherlands (5.7)
• Nicosia, TRNC (5.8)
• Antwerp, Belgium (5.9)

Places with the highest house price/income ratio:

• Moscow, Russia (21.6)
• Cascais, Portugal (21.4)
• Paris, France (20.5)
• Belgrade, Serbia (19.6)
• Split, Croatia (19.3)

There has been a bitter change in Turkey in the last 6 months:

Numbeo has added five cities from Turkey to its list. According to the data in the middle of 2021, in order to buy an average house with an average income in the capital Ankara, one of these cities, you need to save your money for 6.78 years without spending anything.

• Calculation with prices in Turkey in the middle of 2021:
  • Ankara: 6.78 years
  • Bursa: 7.01 years
  • Antalya: 8.04 years
  • Izmir: 8.45 years
  • Istanbul: 11.35 years
• According to the data updated today, the situation in the same cities:​ ​
  • Ankara: 8.39 years
  • Bursa: No data
  • Antalya: 9.20 years
  • Izmir: 10.34 years
  • Istanbul: 13.16 years

Detailed information about the calculation:

Numbeo used these three factors to calculate:

• Total household income: The average net monthly salary in cities was increased by 50%. It was predicted that 50% belonged to women in the working segment.
• A medium-sized apartment: 90 square meters
• Price per square meter: The average price per square meter of the houses in the city center and outside the center was taken.

Let’s verify Ankara with current prices as an example with this calculation:

• According to the data in Numbeo, the average monthly salary in Ankara is 4,186 TL. Multiplying this by 1.5 we have 6.279 TL monthly average household income. This is annual 75,348 TL means household income.
• Average price per square meter in Ankara
  • Price per square meter in Ankara city center: 8,027 TL
  • Price per square meter outside the city center: 6.026 TL
  • Average: 7,026.5 TL
• The value of an average house of 90 square meters according to the average square meter price: 632,385 TL
• 632.385 / 75.348 = 8.39 years

What the data show:

The data provided by Numbeo, especially in metropolitan cities It clearly shows that buying a house will be extremely difficult for an average-income household. When we look at all the data, we look at the countries with easier access to homes. Netherlands, Belgium, Ireland, Germany and Denmark looks like. It also painfully reveals how much the prices in Turkey have increased in the last 6 months: In just 6 months, we became almost 25% poorer in buying a house.