Portugal, the Netherlands and Czechia are among the countries where house prices grew the most in comparison to income since 2015. As of the first quarter of 2022, the house price to income ratio in all three countries exceeded 145, which means that since 2015, house price growth has outpaced income growth by 45 percent. This was not the case in all countries in the ranking: In Finland, Italy, Bulgaria, and Romania, the opposite trend was observed.
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 hosing 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.
House price to income ratio in 28 countries in Europe from 1st quarter of 2007 to 1st quarter of 2022
Characteristic
Austria
Belgium
Czechia
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Latvia
Lithuania
Luxembourg
Netherlands
Norway
Poland
Portugal
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Bulgaria
Romania
Russia
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Nominal house price divided by the nominal disposable income per capita Index value 2015 equals 100. The year 2015 is the base year used to calculate the index value.
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OECD. (August 24, 2022). House price to income ratio in 28 countries in Europe from 1st quarter of 2007 to 1st quarter of 2022 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1155681/house-price-to-income-ratio-in-europe-by-country/
OECD. "House price to income ratio in 28 countries in Europe from 1st quarter of 2007 to 1st quarter of 2022." Chart. August 24, 2022. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1155681/house-price-to-income-ratio-in-europe-by-country/
OECD. (2022). House price to income ratio in 28 countries in Europe from 1st quarter of 2007 to 1st quarter of 2022. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1155681/house-price-to-income-ratio-in-europe-by-country/
OECD. "House Price to Income Ratio in 28 Countries in Europe from 1st Quarter of 2007 to 1st Quarter of 2022." Statista, Statista Inc., 24 Aug 2022, https://www.statista.com/statistics/1155681/house-price-to-income-ratio-in-europe-by-country/
OECD, House price to income ratio in 28 countries in Europe from 1st quarter of 2007 to 1st quarter of 2022 Statista, https://www.statista.com/statistics/1155681/house-price-to-income-ratio-in-europe-by-country/ (last visited July 22, 2024)
House price to income ratio in 28 countries in Europe from 1st quarter of 2007 to 1st quarter of 2022 [Graph], OECD, August 24, 2022. [Online]. Available: https://www.statista.com/statistics/1155681/house-price-to-income-ratio-in-europe-by-country/