Even with rising rates and home prices the US fares well against peers
Housing affordability may remain a big issue for many potential homebuyers in the United States but it seems the market is relatively affordable.
That’s when compared to other countries in the OECD according to an analysis by Homes.com which looked at the 36 member countries and the size of property that could be bought with a median household income.
Turkey tops the list with its locals being able to purchase 742 square feet of home when earning a median household income of $17,067 – based on a salary multiplier of 3.
But the US is close behind with the median household income of $44,049 able to buy 669.4 square feet of home.
Looking at America’s neighbors, in Canada the median household income of $29,850 would buy just 271.7 square feet of home; and in Mexico the median $13,891 would buy 462.5 square feet.
The least affordable OECD member country is South Korea where the median $21,723 would buy just 84.4 square feet of home, followed by Switzerland with 112.9 square feet affordable to a median income earner ($36,378).
