Affordability looks different depending on the location. The average U.S. salary, for example, gets you 670 square feet, while the average buyer in Britain can only afford around 215 square feet, about 68 percent less. A new report by Homes.com researches the cost-per-square foot of homes in all OECD countries—the Organisation for Economic Co-operation, which is a group dedicated to the economic and social well-being of people around the world—and also takes into account the median annual household income in each one with a multiplier of three times to measure affordability.
How far can your money go? For the best bang for your buck, head to Turkey. There, locals can afford 742 square feet with a median household income of $17,067. If you're not looking to make such a big jump, however, don't worry, because the U.S. is not far behind. Here, with a median income of $44,049, you'll be able to get a 669.4-square-foot home. Third on the list? With average earnings, Mexico gets you 462.5 square feet. Meanwhile, you'd get 414.7 square feet and 350 square feet in Russia and Slovakia, respectively.
Of course, there are some areas you'll really want to analyze. South Korea, for example, has the least affordable market for the average earner—a median household income of $21,723 only gets you a home of about 84.4 square feet. Switzerland is also pricey. There, the average earner only gets 119.2 square feet with $36,378, and, in Israel, $24,063 only gets you a slightly higher 129.9 square feet.
Want to find out what your annual income would get you in the property markets of all 36 OECD countries? Check out the interactive chart here.
For more information, visit Homes.com. Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com
