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.

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.

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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.

The aggregate house price to income ratio of OECD countries from 2005 to 2023 increased overall. In 2023, the aggregate house price to income ratio of the OECD countries amounted to 117.4 percent, which means that since 2015, the growth of house prices had outpaced income growth by 17 percent.This ratio was calculated by dividing nominal house prices by nominal disposable income per head. The house price to income ratio of OECD countries varies strongly.

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.

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.

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.

New Zealand has one of the highest house price-to-income ratios in the world; nonetheless, since the first quarter of 2022, the country's house price-to-income ratio started to trend downward. In the second quarter of 2024, the ratio was 119.4, a slight decrease from the same quarter of the previous year. This ratio was calculated by dividing nominal house prices by nominal disposable income per head and is considered a measure of affordability. Homeownership dream New Zealand has been in what is widely considered a housing bubble. The disproportionately large increases in residential house prices have placed the dream of owning their own home out of reach for many in the country. In 2024, around 28 percent of residential properties were sold for over a million New Zealand dollars. The majority of mortgage lending in the country went to owner-occupiers where the property was not their first home, with first-home buyers often struggling to secure a loan. In general, only New Zealand residents and citizens can buy homes in the country to live in, with new regulations tightening investment activity in that market. Rent affordability Due to New Zealand's high property prices, many individuals and families are stuck renting for prolonged periods. However, with rent prices increasing across the country and the share of monthly income spent on rent trending upwards in tandem with a highly competitive rental market, renting is becoming a less appealing prospect for many. The Auckland and Bay of Plenty regions had the highest weekly rent prices across the country as of December 2024, with the Southland region recording the lowest rent prices per week.

Taiwan Housing Price to Income Ratio: Taipei City data was reported at 14.990 Times in Dec 2017. This records a decrease from the previous number of 15.120 Times for Sep 2017. Taiwan Housing Price to Income Ratio: Taipei City data is updated quarterly, averaging 11.770 Times from Mar 2002 (Median) to Dec 2017, with 64 observations. The data reached an all-time high of 16.160 Times in Mar 2015 and a record low of 5.890 Times in Dec 2002. Taiwan Housing Price to Income Ratio: Taipei City data remains active status in CEIC and is reported by Construction and Planning Agency, Ministry of the Interior. The data is categorized under Global Database’s Taiwan – Table TW.EB017: Housing Price and Housing Loan Payment to Income Ratio.

Australia Standardised Price-Income Ratio: sa data was reported at 148.954 Ratio in Dec 2024. This records a decrease from the previous number of 151.643 Ratio for Sep 2024. Australia Standardised Price-Income Ratio: sa data is updated quarterly, averaging 82.658 Ratio from Mar 1970 (Median) to Dec 2024, with 220 observations. The data reached an all-time high of 152.504 Ratio in Jun 2024 and a record low of 62.564 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.

This dataset provides values for PRICE TO RENT RATIO reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Taiwan Housing Price to Income Ratio data was reported at 9.160 Times in Dec 2017. This records a decrease from the previous number of 9.220 Times for Sep 2017. Taiwan Housing Price to Income Ratio data is updated quarterly, averaging 6.735 Times from Mar 2002 (Median) to Dec 2017, with 64 observations. The data reached an all-time high of 9.460 Times in Jun 2017 and a record low of 4.150 Times in Sep 2002. Taiwan Housing Price to Income Ratio data remains active status in CEIC and is reported by Construction and Planning Agency, Ministry of the Interior. The data is categorized under Global Database’s Taiwan – Table TW.EB017: Housing Price and Housing Loan Payment to Income Ratio.

In 2024, Turkey, Iceland, Portugal, and Hungary had the highest house price to rent ratio index in Europe. The four countries ranked the highest, with house price to rent indices exceeding 160 index points. The house price to rent ratio is an indicator of the affordability of owning housing over renting across European countries, with 2015 used as a base year. The higher the ratio, the more the gap between house prices and rental rates has widened since 2015 when the index amounted to 100. In terms of house price to income ratio, the top three countries were Portugal, Luxembourg, and Hungary Homeownership in Europe Homeownership varies widely across European countries. In some, such as Austria, Germany and Switzerland, homeownership is relatively low with less than two thirds of people occupying a dwelling owned by a member of the household. In other countries (Iceland, the Netherlands, Norway, and Sweden) more than half of people were owner-occupiers with a mortgage. A third group of countries with a high homeownership rate without a housing loan includes many Eastern and South European countries, among which were Serbia, Romania, North Macedonia, Italy, and Bulgaria. Dwellings as a non-financial asset Dwellings, along with structures, land, and intellectual property, are classed as non-financial assets and form an important part of household wealth. Through sale, refinancing or renting, they can serve as an additional source of income. In 2022, France, Germany, and Norway were the European countries with the highest value of dwellings per capita as a non-financial asset with values between 83,000 and 91,000 euros per capita.

France FR: Standardised Price-Income Ratio: sa data was reported at 107.544 Ratio in 2024. This records a decrease from the previous number of 116.872 Ratio for 2023. France FR: Standardised Price-Income Ratio: sa data is updated yearly, averaging 92.481 Ratio from Dec 1978 (Median) to 2024, with 47 observations. The data reached an all-time high of 126.865 Ratio in 2022 and a record low of 71.464 Ratio in 1998. France FR: 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 France – Table FR.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.

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

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 average price of residential property in North Shore City, New Zealand, was the highest in the Auckland region in December 2024, with an average sale price of around 1.21 million New Zealand dollars. In the same month, the regional median house price was around one million New Zealand dollars across Auckland. Housing costs The average sale price of residential property in Auckland has fluctuated over the past months. While housing affordability has improved slightly as the median house price has begun to stabilize, Auckland still has one of the least affordable housing markets in the developed world. The average weekly rent in the city has been over 500 New Zealand dollars a week since 2016, with the Auckland region having one of the highest mean rents for residential housing across the country. Residential housing construction New Zealand's new residential dwelling consents hit a five-year low in 2024. The number of building consents granted for new homes in the Auckland region declined that same year, following a trend of year-on-year decreases since 2021. Nonetheless, a stronger pipeline of residential housing development is expected between late 2025 and 2029, hopefully providing some relief from the supply and demand imbalance.

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.

This dataset provides values for HOUSING INDEX reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.