Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 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.

The house price-to-income ratio in the United States has reached concerning levels, with the index hitting ***** in the second quarter of 2025. This indicates that house prices have outpaced income growth by *****percent since 2015, highlighting a growing affordability crisis in the housing market. The widening gap between home prices and wages is putting homeownership out of reach for many Americans, particularly as real wages have remained stagnant. Rising home prices and stagnant wages While average annual real wages in the United States have increased slightly since 2014, home prices have soared. The median sales price of existing single-family homes reached a record-high in 2024, representing a substantial increase over the past five years. This disparity between wage growth and home price appreciation has led to a significant decrease in housing affordability across the country. Affordability challenges in the U.S. housing market The U.S. Housing Affordability Index, which measures whether a family earning the median income can afford a median-priced home, plummeted in 2024, marking the second-worst year for homebuyers since records began. This decline in affordability is reflected in homebuyer sentiment, with homebuyer sentiment plummeting.

Affordability ratios calculated by dividing house prices for newly-built dwellings, by gross annual residence-based earnings. Based on the median and lower quartiles of both house prices and earnings in England and Wales.

The house price to income index in Europe declined in 13 of the 28 European countries in 2024, indicating that income grew faster than house prices. Portugal had the highest house price to income index ranking, with values exceeding ***** index points. Romania 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 2024, the OECD average stood at ***** index points.

United States US: Price to Income Ratio: sa data was reported at 130.892 2015=100 in 2024. This records an increase from the previous number of 129.315 2015=100 for 2023. United States US: Price to Income Ratio: sa data is updated yearly, averaging 113.539 2015=100 from Dec 1970 (Median) to 2024, with 55 observations. The data reached an all-time high of 132.929 2015=100 in 1979 and a record low of 90.287 2015=100 in 2012. United States US: 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 United States – Table US.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 Global Housing Watch tracks developments in housing markets across the world on a quarterly basis. It provides current data on house prices as well as metrics used to assess valuation in housing markets, such as house price‑to‑rent and house-price‑to‑income ratios.

This collection includes only a subset of indicators from the source dataset.

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

Affordability ratios calculated by dividing house prices by gross annual workplace-based earnings. Based on the median and lower quartiles of both house prices and earnings in England and Wales.

The house price to income ratio in Japan amounted to ****** points in the first quarter of 2025. This is higher than the observation from the first quarter one year earlier, when the ratio had been ****** points.

Japan JP: Standardised Price-Income Ratio: sa data was reported at 87.536 Ratio in 2024. This records a decrease from the previous number of 89.289 Ratio for 2023. Japan JP: Standardised Price-Income Ratio: sa data is updated yearly, averaging 113.262 Ratio from Dec 1960 (Median) to 2024, with 65 observations. The data reached an all-time high of 163.202 Ratio in 1973 and a record low of 73.471 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.

The house price to income ratio in Germany stood at ****** points in the first quarter of 2025. This is higher than the observation from the first quarter one year earlier, when the ratio had been ****** points.

Germany DE: Standardised Price-Income Ratio: sa data was reported at 88.538 Ratio in 2024. This records a decrease from the previous number of 93.578 Ratio for 2023. Germany DE: Standardised Price-Income Ratio: sa data is updated yearly, averaging 95.901 Ratio from Dec 1980 (Median) to 2024, with 45 observations. The data reached an all-time high of 146.141 Ratio in 1981 and a record low of 76.343 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.

Australia Standardised Price-Income Ratio: sa data was reported at 149.268 Ratio in Dec 2024. This records a decrease from the previous number of 152.371 Ratio for Sep 2024. Australia Standardised Price-Income Ratio: sa data is updated quarterly, averaging 82.643 Ratio from Mar 1970 (Median) to Dec 2024, with 220 observations. The data reached an all-time high of 153.422 Ratio in Jun 2024 and a record low of 62.554 Ratio in Sep 1983. Australia 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 Australia – Table AU.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Quarterly. 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.

Israel IL: Price to Income Ratio: sa data was reported at 104.421 2015=100 in 2016. This records an increase from the previous number of 100.000 2015=100 for 2015. Israel IL: Price to Income Ratio: sa data is updated yearly, averaging 91.925 2015=100 from Dec 1995 (Median) to 2016, with 22 observations. The data reached an all-time high of 109.755 2015=100 in 1997 and a record low of 70.115 2015=100 in 2007. Israel IL: 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 Israel – Table IL.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.

This table shows the average House Price/Earnings ratio, which is an important indicator of housing affordability. Ratios are calculated by dividing house price by the median earnings of a borough.

The Annual Survey of Hours and Earnings (ASHE) is based on a 1 per cent sample of employee jobs. Information on earnings and hours is obtained in confidence from employers. It does not cover the self-employed nor does it cover employees not paid during the reference period. Information is as at April each year. The statistics used are workplace based full-time individual earnings.

Pre-2013 Land Registry housing data are for the first half of the year only, so that they are comparable to the ASHE data which are as at April. This is no longer the case from 2013 onwards as this data uses house price data from the ONS House Price Statistics for Small Areas statistical release. Prior to 2006 data are not available for Inner and Outer London.

The lowest 25 per cent of prices are below the lower quartile; the highest 75 per cent are above the lower quartile.
The "lower quartile" property price/income is determined by ranking all property prices/incomes in ascending order.
The 'median' property price/income is determined by ranking all property prices/incomes in ascending order. The point at which one half of the values are above and one half are below is the median.

Regional data has not been published by DCLG since 2012. Data for regions has been calculated by the GLA. Data since 2014 has been calculated by the GLA using Land Registry house prices and ONS Earnings data.

Link to DCLG Live Tables

An interactive map showing the affordability ratios by local authority for 2013, 2014 and 2015 is also available.

Global House Standardised Price-Income Ratio by Country, 2023 Discover more data with ReportLinker!

Switzerland Price to Income Ratio: sa data was reported at 125.810 2015=100 in 2024. This records an increase from the previous number of 124.006 2015=100 for 2023. Switzerland Price to Income Ratio: sa data is updated yearly, averaging 110.203 2015=100 from Dec 1970 (Median) to 2024, with 55 observations. The data reached an all-time high of 142.115 2015=100 in 1989 and a record low of 72.862 2015=100 in 2001. Switzerland 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 Switzerland – Table CH.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 index in Spain increased by about ** index points between 2015 and the second quarter of 2024. 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. Spain's index score in the second quarter of 2024 amounted to *****, which means that house price growth has outpaced income growth by more than ** percent since 2015. This was slightly higher than the Euro area 17 average.

The standardised house price-to-income ratio is defined as the ratio of the current price to income ratio relative to the long-term average price-to-income ratio, calculated over the period 2000 to the most recent data available. If the ratio equals 100, it means the current price-to-income ratio is equal to its long term average. House prices are provided by Eurostat, and income is calculated as adjusted household gross disposable income (B7G) per head of population based on Eurostat data.

🇬🇧 United Kingdom English This table shows the average House Price/Earnings ratio, which is an important indicator of housing affordability. Ratios are calculated by dividing house price by the median earnings of a borough. The Annual Survey of Hours and Earnings (ASHE) is based on a 1 per cent sample of employee jobs. Information on earnings and hours is obtained in confidence from employers. It does not cover the self-employed nor does it cover employees not paid during the reference period. Information is as at April each year. The statistics used are workplace based full-time individual earnings. Pre-2013 Land Registry housing data are for the first half of the year only, so that they are comparable to the ASHE data which are as at April. This is no longer the case from 2013 onwards as this data uses house price data from the ONS House Price Statistics for Small Areas statistical release. Prior to 2006 data are not available for Inner and Outer London. The lowest 25 per cent of prices are below the lower quartile; the highest 75 per cent are above the lower quartile. The "lower quartile" property price/income is determined by ranking all property prices/incomes in ascending order. The 'median' property price/income is determined by ranking all property prices/incomes in ascending order. The point at which one half of the values are above and one half are below is the median. Regional data has not been published by DCLG since 2012. Data for regions has been calculated by the GLA. Data since 2014 has been calculated by the GLA using Land Registry house prices and ONS Earnings data. Link to DCLG Live Tables An interactive map showing the affordability ratios by local authority for 2013, 2014 and 2015 is also available.