How Many Months of Salary Are Required to Buy a House in Europe? A recent report by BestBrokers.com has shed light on the varying time it takes to save for a home across Europe, offering a fresh perspective on housing affordability. The study, which examined house prices, average net monthly income, inflation, and “real” mortgage interest rates, highlights the dramatic differences between countries.

According to the findings, Denmark emerges as the most affordable European country for homebuyers, with the average price of a 100-square-metre property equating to just 114 net salaries. This means residents of Denmark can expect to save up for a home faster than anywhere else in Europe. Despite Denmark’s reputation for high living costs and its place as one of the most expensive countries in the EU—where prices for goods and services are 43% higher than the EU average—the high average income puts homeownership within reach in terms of relative affordability.

Ireland and Sweden follow closely behind, ranking second and third for affordability, with 123 and 129 net monthly salaries, respectively, needed to buy a 100-square-metre home. In practical terms, this means that in these countries, it would take around 10 years of average salaries to save for a home, a significant but more manageable challenge compared to other regions.

However, the situation is quite different in countries like the Czech Republic and Slovakia, where housing is far less affordable. In Slovakia, for example, a typical 100-square-metre home costs 297 times the average salary, which would take nearly 25 years of full-time work to afford. Even with aggressive saving, it could take up to 50 years for someone to accumulate enough money to purchase a home.

On a global scale, the affordability of housing varies significantly. South Africa leads the world as the most affordable country for homebuyers, where a 100-square-metre home costs just 71 times the average annual wage. The United States ranks second in affordability, with people needing 76 months of income to buy a home, though property prices can vary widely across states. In stark contrast, countries like Nepal and Turkey rank at the bottom of the global list, where buying a home requires 684 and 631 times the average salary, respectively, a situation that would take over 50 years of earnings to overcome.

These findings highlight the vast disparities in housing affordability around the world, with economic factors such as wages, property prices, and local living conditions playing crucial roles in determining how long it takes to save for a home.