Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2023. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 117.5 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

Turkey, Russia, Portugal, and Latvia were the countries with the highest house price-to-rent-ratio in the ranking in the second quarter of 2024. In all three countries, the ratio exceeded 160 index points, meaning that house price growth had outpaced rents by over 60 percent between 2015 and 2024. What does the house-price-to-rent ratio show? The house-price-to-rent-ratio measures the evolution of house prices compared to rents. It is generally calculated by dividing the median house price by the median annual rent. In this statistic, the values have been normalized with 100 equaling the 2015 ratio. Consequentially, a value under 100 means that rental rates have risen more than house prices. When all OECD countries are considered as a whole, the gap between house prices and rents was wider than in the Euro area. Measures of housing affordability The national house-price-to-rent ratio may not fully reflect the cost of housing in a particular country, as it does not capture the price variations that can exist between different regions. It also does not take into consideration the relationship between incomes and housing costs, which is measured by the house-price-to-income and household-rent-to-income ratios. Taking both these factors into account uncovers vast differences in housing affordability between different regions and different professions.

The house price to income index in Europe declined in almost all European countries in 2023, indicating that income grew faster than house prices. Portugal, Luxembourg, and the Netherlands led the house price to income index ranking in 2023, with values exceeding 125 index points. Romania, Bulgaria, and Finland were on the other side of the spectrum, with less than 100 index points. The house price to income ratio is an indicator for the development of housing affordability across OECD countries and is calculated as the nominal house prices divided by nominal disposable income per head, with 2015 chosen as a base year. A ratio higher than 100 means that the nominal house price growth since 2015 has outpaced the nominal disposable income growth, and housing is therefore comparatively less affordable. In 2023, the OECD average stood at 117.4 index points.

Hungary increased 9% of House Price to Income Ratio in 2019, from a year earlier.

Japan JP: Standardised Price-Income Ratio: sa data was reported at 89.185 Ratio in 2023. This records an increase from the previous number of 87.364 Ratio for 2022. Japan JP: Standardised Price-Income Ratio: sa data is updated yearly, averaging 113.334 Ratio from Dec 1960 (Median) to 2023, with 64 observations. The data reached an all-time high of 163.015 Ratio in 1973 and a record low of 73.387 Ratio in 2009. Japan JP: Standardised Price-Income Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Japan – Table JP.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual. Nominal house prices divided by nominal disposable income per head. Net household disposable income is used. The population data come from the OECD national accounts database. The long-term average is calculated over the whole period available when the indicator begins after 1980 or after 1980 if the indicator is longer. This value is used as a reference value. The ratio is calculated by dividing the indicator source on this long-term average, and indexed to a reference value equal to 100.

Portugal, the Netherlands and Austria are among the countries where house prices grew the most in comparison to income since 2015. In the fourth quarter of 2024, the house price to income ratio in the Netherlands and Austria exceeded 120 index points, indicating that since 2015, house price growth has outpaced income growth by 20 percent. In Portugal, the index amounted to 153 index points in the same period. This was not the case in all countries in the ranking: In Finland, Bulgaria, and Romania, the opposite trend was observed, showing that incomes grew faster than house prices. The house price to income ratio is calculated as the nominal house prices divided by nominal income per capita, with 2015 chosen as the base year of the index. The ratio signifies the development of hosing affordability, with higher figures meaning housing is more unaffordable. There are other indices, such as RHPI (or house price indices corrected by inflation rates) which look at this as well.

Key information about China Household Income per Capita

• China Annual Household Income per Capita reached 4,805.935 USD in Dec 2013, compared with the previous value of 4,273.467 USD in Dec 2012.
• China Annual Household Income per Capita data is updated yearly, available from Dec 1985 to Dec 2013, with an averaged value of 711.353 USD.
• The data reached an all-time high of 4,805.935 USD in Dec 2013 and a record low of 262.918 USD in Dec 1986.
• In the latest reports, Retail Sales of China grew 12.700 % YoY in May 2023.

CEIC converts Annual Household Income per Capita into USD. The National Bureau of Statistics provides Average Household Income per Capita in local currency. Federal Reserve Board average market exchange rate is used for currency conversions. Household Income covers urban area only.

Belgium BE: Price to Income Ratio: sa data was reported at 97.066 2015=100 in 2023. This records a decrease from the previous number of 102.148 2015=100 for 2022. Belgium BE: Price to Income Ratio: sa data is updated yearly, averaging 71.817 2015=100 from Dec 1970 (Median) to 2023, with 54 observations. The data reached an all-time high of 104.712 2015=100 in 2021 and a record low of 51.468 2015=100 in 1986. Belgium BE: Price to Income Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Belgium – Table BE.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual. Nominal house prices divided by nominal disposable income per head. Net household disposable income is used. The population data come from the OECD national accounts database.

The house price-to-income ratio in Australia was 122.1 as of the third quarter of 2024. This ratio, calculated by dividing nominal house prices by nominal disposable income per head, increased from the previous quarter. The price-to-income ratio can be used to measure housing affordability in a specific area. Australia's property bubble There has been considerable debate over the past decade about whether Australia is in a property bubble or not. A property bubble refers to a sharp increase in the price of property that is disproportional to income and rental prices, followed by a decline. In Australia, rising house prices have undoubtedly been an issue for many potential homeowners, pricing them out of the market. Along with the average house price, high mortgage interest rates have exacerbated the issue. Is the homeownership dream out of reach? Housing affordability has varied across the different states and territories in Australia. In 2024, the median value of residential houses was the highest in Sydney compared to other major Australian cities, with Brisbane becoming an increasingly expensive city. Nonetheless, expected interest rate cuts in 2025, alongside the expansion of initiatives to improve Australia's dwelling stock, social housing supply, and first-time buyer accessibility to properties, may start to improve the situation. These encompass initiatives such as the Australian government's Help to Buy scheme and the Housing Australia Future Fund Facility (HAFFF) and National Housing Accord Facility (NHAF) programs.

Key information about Vietnam Household Income per Capita

• Vietnam Annual Household Income per Capita reached 2,502.524 USD in Dec 2023, compared with the previous value of 2,409.689 USD in Dec 2022.
• Vietnam Annual Household Income per Capita data is updated yearly, available from Dec 1994 to Dec 2023, with an averaged value of 1,023.278 USD.
• The data reached an all-time high of 2,502.524 USD in Dec 2023 and a record low of 183.956 USD in Dec 1994.
• In the latest reports, Retail Sales of Vietnam grew 8.086 % YoY in Nov 2024.

CEIC converts Annual Household Income per Capita into USD. Annual Household Income per Capita is calculated from Monthly Average Household Income per Capita multiplied by 12. General Statistical Office provides Average Household Income per Capita in local currency. State Bank of Vietnam average market exchange rate is used for currency conversions.

The house price to income ratio in Germany in the first quarter of 2024 declined notably from its peak in 2022. The ratio measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. Germany's index score in the first quarter of 2024 amounted to 109.7, which means that house price growth had outpaced income growth by about 10 percent since 2015. This was below the average house price to income area in the Euro area 16.

Graph and download economic data for Real Residential Property Prices for United States (QUSR628BIS) from Q1 1970 to Q3 2024 about residential, HPI, housing, real, price index, indexes, price, and USA.

The price of residential property in New Zealand was the highest in the Auckland region in December 2024, with an average sale price of around one million New Zealand dollars. The most populated city in the country, Auckland, has consistently reported higher house prices compared to most other regions. Buying property in New Zealand, particularly in its major cities, is expensive. The nation has one of the highest house-price-to-income ratios in the world. Auckland residential market The residential housing market in Auckland is competitive. Prices have been slowly decreasing; the Auckland region experienced an annual decrease in the average residential house price in December 2024 compared to the same month in the previous year. The price of residential property in Auckland was the highest in the North Shore City district, with an average sale price of around 1.21 million New Zealand dollars. Home financing Due to the rising cost of real estate, an increasing number of New Zealanders who want to own their own property are taking on mortgages. Most residential mortgage lending in New Zealand went to owner-occupier borrowers, followed by first home buyers. In addition to mortgage lending, previously under the KiwiSaver HomeStart initiative, first-home buyers in New Zealand were able to apply to withdraw all or part of their KiwiSaver retirement savings to assist with purchasing a first home. Nonetheless, the scheme was discontinued in May 2024. Furthermore, even with a large initial deposit, it may take decades for many borrowers to pay off their mortgage.

Key information about Estonia Household Income per Capita

• Estonia Annual Household Income per Capita reached 14,235.697 USD in Dec 2023, compared with the previous value of 12,845.581 USD in Dec 2022.
• Estonia Annual Household Income per Capita data is updated yearly, available from Dec 2008 to Dec 2023, with an averaged value of 8,538.284 USD.
• The data reached an all-time high of 14,235.697 USD in Dec 2023 and a record low of 6,049.405 USD in Dec 2010.
• In the latest reports, Retail Sales of Estonia dropped 0.910 % YoY in Jun 2024.

CEIC calculates Annual Household Income per Capita from Monthly Average Household Income per Capita multiplied by 12 and converts it into USD. Statistics Estonia provides Average Household Income per Capita in EUR. Federal Reserve Board average market exchange rate is used for currency conversions. Household Income covers Household Disposable Income only.

Housing Index in Germany remained unchanged at 216.89 points in February. This dataset provides the latest reported value for - Germany House Price Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The house price index in Malaysia reached 216.5 in 2023, an increase of more than twofold compared to the base index of 100 in 2010. The price index, which measures the average change in prices over a period of time, indicated that the value of housing in the country continued to increase every year since 2014. Recovery in the housing market Malaysia’s real estate industry was significantly hit by the COVID-19 pandemic but showed signs of recovery in 2022 when the restrictions were finally lifted. Subsequently, the housing market also signaled a positive recovery, with the transaction value of the residential sector growing by approximately 22 percent in the same year. Going into 2024, despite uncertainties in the global economy, the housing market in Malaysia is likely to experience more growth. Demand for more affordable housing Although the real estate market is recovering and the inflation rate in the country has slowed down, the average price of houses reached nearly 450,000 Malaysian ringgit in 2022, an increase of around 12,000 Malaysian ringgit compared to the previous year. According to a survey conducted in the capital city, Kuala Lumpur, the majority of potential home buyers had a housing budget of less than 250,000 Malaysian ringgit. As of 2024, the Malaysian government already has several low-cost housing schemes catered for the B40 lower-income and M40 middle-income groups. Nevertheless, with the rising residential prices and current cost of living, there will be more demand for affordable housing options among home buyers.

For more information, please visit HART.ubc.ca. Housing Assessment Resource Tools (HART) This dataset includes 18 tables which draw upon data from the 2006 Census of Canada. The tables are a custom order and contains data pertaining to core housing need and characteristics of households. 16 of the tables each cover a different geography in Canada: one for Canada as a whole, one for all Canadian census divisions (CD), and 14 for all census subdivisions (CSD) across Canada. The last two tables contains the median income for all geographies. Statistics Canada used these median incomes as the "area median household income (AMHI)," from which they derived some of the variables within the Shelter Costs/Household Income dimension. Included alongside the data tables is a guide to HART's housing need assessment methodology. This guide is intended to support independent use of HART's custom data both to allow for transparent verification of our analysis, as well as supporting efforts to utilize the data for analysis beyond what HART did. There are many variables in the data order that we did not use that may be of value for others. The dataset is in Beyond 20/20 (.ivt) format. The Beyond 20/20 browser is required in order to open it. This software can be freely downloaded from the Statistics Canada website: https://www.statcan.gc.ca/eng/public/beyond20-20 (Windows only). For information on how to use Beyond 20/20, please see: http://odesi2.scholarsportal.info/documentation/Beyond2020/beyond20-quickstart.pdf https://wiki.ubc.ca/Library:Beyond_20/20_Guide Custom order from Statistics Canada includes the following dimensions and variables: Geography: - Country of Canada, all CDs & Country as a whole - All 10 Provinces (Newfoundland, Prince Edward Island (PEI), Nova Scotia, New Brunswick, Quebec, Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia), all CSDs & each Province as a whole - All 3 Territories (Nunavut, Northwest Territories, Yukon), all CSDs & each Territory as a whole The global non-response rate (GNR) is an important measure of census data quality. It combines total non-response (households) and partial non-response (questions). A lower GNR indicates a lower risk of non-response bias and, as a result, a lower risk of inaccuracy. The counts and estimates for geographic areas with a GNR equal to or greater than 50% are not published in the standard products. The counts and estimates for these areas have a high risk of non-response bias, and in most cases, should not be released. Universe: Full Universe: Private Households in Non-farm Non-band Off-reserve Occupied Private Dwellings with Income Greater than zero. Households examined for Core Housing Need: Private, non-farm, non-reserve, owner- or renter-households with incomes greater than zero and shelter-cost-to-income ratios less than 100% are assessed for 'Core Housing Need.' Non-family Households with at least one household maintainer aged 15 to 29 attending school are considered not to be in Core Housing Need, regardless of their housing circumstances. Variables: Housing indicators in Core Housing Universe (3) 1. Total - Private Households by core housing need status 2. Households examined for core housing need 3. Households in core housing need Tenure Including Presence of Mortgage and Subsidized Housing; Household size (11) 1. Total - Household tenure and mortgage status 2. Owners 3. With mortgage 4. Without mortgage 5. Renters 6. Total - Household size 7. 1 person 8. 2 persons 9. 3 persons 10. 4 persons 11. 5 or more persons Shelter costs groups/statistics (20) 1. Total – Private households by household income proportion to AMHI_1 2. Households with income 20% or under of area median household income (AMHI) 3. Households with income 21% to 50% of AMHI 4. Households with income 51% to 80% of AMHI 5. Households with income 81% to 120% of AMHI 6. Households with income 121% or over of AMHI 7. Total – Private households by household income proportion to AMHI_2 8. Households with income 30% and under of AMHI 9. Households with income 31% to 60% of AMHI 10. Households with income 61% or more of AMHI 11. Total – Private households by shelter cost proportion to AMHI_1 12. Households with shelter cost 0.5% and under of AMHI 13. Households with shelter cost 0.6% to 1.25% of AMHI 14. Households with shelter cost 1.26% to 2% of AMHI 15. Households with shelter cost 2.1% to 3% of AMHI 16. Households with shelter cost 3.1% or over of AMHI 17. Total – Private households by shelter cost proportion to AMHI_2 18. Households with shelter cost 0.75% or under of AMHI 19. Households with shelter cost 0.76% to 1.5% of AMHI 20. Households with shelter cost greater than or equal to 1.6% of AMHI Selected characteristics of the households (47) 1.Total - Household type 2. Census-family households 3. One-census-family households 4. Couple-family households 5. With children 6. Without children 7. Lone-parent-family households 8. Multiple-family households...

Key information about Lithuania Household Income per Capita

• Lithuania Annual Household Income per Capita reached 10,849.706 USD in Dec 2023, compared with the previous value of 9,476.455 USD in Dec 2022.
• Lithuania Annual Household Income per Capita data is updated yearly, available from Dec 2005 to Dec 2023, with an averaged value of 5,421.344 USD.
• The data reached an all-time high of 10,849.706 USD in Dec 2023 and a record low of 2,201.811 USD in Dec 2005.
• In the latest reports, Retail Sales of Lithuania grew 3.323 % YoY in Apr 2024.

CEIC calculates Annual Household Income per Capita from Monthly Average Household Income per Capita multiplied by 12 and converts it into USD. Statistics Lithuania provides Average Household Income per Capita in EUR. Federal Reserve Board average market exchange rate is used for currency conversions. Annual Household Income per Capita covers Household Disposable Income only.

Key information about South Korea Household Income per Capita

• South Korea Annual Household Income per Capita reached 19,208.928 USD in Dec 2024, compared with the previous value of 19,230.954 USD in Dec 2023.
• South Korea Annual Household Income per Capita data is updated yearly, available from Dec 2003 to Dec 2024, with an averaged value of 14,290.376 USD.
• The data reached an all-time high of 19,230.954 USD in Dec 2023 and a record low of 7,685.194 USD in Dec 2003.
• In the latest reports, Retail Sales of South Korea dropped 0.473 % YoY in May 2023.

CEIC calculates Annual Household Income per Capita from quarterly Monthly Household Income multiplied by 3 and quarterly Average Household Size and converts it into USD. Statistics Korea provides Household Income in local currency and Average Household Size. Federal Reserve Board average market exchange rate is used for currency conversions. Household Income excludes single person and farm households. Household Income per Capita prior to 2019 is based on old methodology.

Germany DE: Standardised Price-Income Ratio: sa data was reported at 93.521 Ratio in 2023. This records a decrease from the previous number of 108.353 Ratio for 2022. Germany DE: Standardised Price-Income Ratio: sa data is updated yearly, averaging 97.264 Ratio from Dec 1980 (Median) to 2023, with 44 observations. The data reached an all-time high of 146.052 Ratio in 1981 and a record low of 76.297 Ratio in 2010. Germany DE: Standardised Price-Income Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Germany – Table DE.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual. Nominal house prices divided by nominal disposable income per head. Net household disposable income is used. The population data come from the OECD national accounts database. The long-term average is calculated over the whole period available when the indicator begins after 1980 or after 1980 if the indicator is longer. This value is used as a reference value. The ratio is calculated by dividing the indicator source on this long-term average, and indexed to a reference value equal to 100.