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.

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 house price to income ratio in the United States has reached concerning levels, with the index hitting ***** in the fourth quarter of 2024. This indicates that house prices have outpaced income growth by over ** 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 existing dwellings, by gross annual residence-based earnings. Based on the median and lower quartiles of both house prices and earnings in England and Wales.

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

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 *** index points, indicating that since 2015, house price growth has outpaced income growth by ** percent. In Portugal, the index amounted to *** 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 housing 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.

South Korea Price to Income Ratio: sa data was reported at 83.566 2015=100 in 2024. This records a decrease from the previous number of 84.915 2015=100 for 2023. South Korea Price to Income Ratio: sa data is updated yearly, averaging 118.198 2015=100 from Dec 1986 (Median) to 2024, with 39 observations. The data reached an all-time high of 409.198 2015=100 in 1986 and a record low of 83.566 2015=100 in 2024. South Korea 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 South Korea – Table KR.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.

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.

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.

In the first quarter of 2025, the house price to income ratio in Japan stood at *** representing an increase of *** index points compared to the previous quarter. The ratio is calculated by dividing nominal house prices by the nominal disposable income per head based on net household disposable income.

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.

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 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.

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.

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 *****, which means that house price growth had outpaced income growth by about ** percent since 2015. This was below the average house price to income area in the Euro area 16.

The house price ratio in Italy declined between 2012 and 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. Italy's index score in the second quarter of 2024 amounted to 86.2, meaning that income growth has outpaced house price growth. Most of the countries in the Euro area observed the opposite trend, with house prices having risen at a faster pace than income.

The house price to income ratio increased slightly in 2023, after plummeting the previous two years. In the third quarter of 2023, the house price to income ratio amounted to 102.7 index points, down from its peak of 122.3 index points in the first quarter of 2021. 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. Has buying a house in Denmark become more affordable? The decline in the house price to income index is mostly because of a correction in house prices, as shown by the EMF house price index for Denmark. Meanwhile, incomes in the country have continued to grow. However, that does not mean housing is more affordable, as the average mortgage interest rate has soared, making credit much more expensive for homebuyers. What is the average house price in Denmark? In 2023, the average sales price of a single-family house in Denmark was about 2.6 million Danish Kroner. Single-family houses are the most popular dwelling type in the country, followed by multifamily housing units.

Norway NO: Price to Income Ratio: sa data was reported at 109.547 2015=100 in Mar 2025. This records an increase from the previous number of 108.324 2015=100 for Dec 2024. Norway NO: Price to Income Ratio: sa data is updated quarterly, averaging 81.128 2015=100 from Mar 1978 (Median) to Mar 2025, with 189 observations. The data reached an all-time high of 117.142 2015=100 in Mar 2022 and a record low of 50.333 2015=100 in Mar 1993. Norway NO: 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 Norway – Table NO.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.

Context

This dataset is created via OECD datasource which is consisted of 2000 between 2020. https://data.oecd.org/price/housing-prices.htm

Content

The housing prices indicator shows indices of residential property prices over time. Included are rent prices, real and nominal house prices, and ratios of price to rent and price to income; the main elements of housing costs. In most cases, the nominal house price covers the sale of newly-built and existing dwellings, following the recommendations from RPPI (Residential Property Prices Indices) manual. The real house price is given by the ratio of nominal price to the consumers’ expenditure deflator in each country, both seasonally adjusted, from the OECD national accounts database. The price to income ratio is the nominal house price divided by the nominal disposable income per head and can be considered as a measure of affordability. The price to rent ratio is the nominal house price divided by the rent price and can be considered as a measure of the profitability of house ownership. This indicator is an index with base year 2015.

Price to Rent Ratio in the United States increased to 134.20 in the fourth quarter of 2024 from 133.60 in the third quarter of 2024. This dataset includes a chart with historical data for the United States Price to Rent Ratio.