Photo by Dhyamis Kleber from Pexels
By AZ Business Magazine | AZ Big Media
New research about property affordability from Online Mortgage Advisor has revealed where in the world property prices have outgrown local wages the most in the last five years.
Researchers compared the difference in square meters — one square meter equals about 10.7639 square feet — of property that a person earning the average annual net salary in each city could afford to buy in 2020 compared to 2016. Researchers also compared what percentage of a person’s salary is spent on rent between those two time periods.
Using the latest insights from the property market in January 2021, the study have also revealed what percentage of homes in each U.S. state and city a local person can afford right now.