The Duration Required to Save for a Condo
A graphic from Visual Capitalist presents data on the average duration a skilled worker must labor to afford a 650 square foot condo near the city center in various markets. This information is based on the UBS Global Real Estate Bubble Index 2024.
Hong Kong, the most unaffordable city globally for 14 consecutive years, requires over two decades of work from an average skilled worker to purchase a condo.
Paris, despite a more than 20% drop in real home prices from post-pandemic highs, remains the most unaffordable city in Europe.
The median sale price of a condo or co-op in Manhattan was nearly $1.2 million in the fourth quarter of 2023. This figure represents a 44% increase in prices per square foot over a decade.
Bottom Line
The data presented paints a stark picture of the housing market in various global cities. It raises questions about affordability and the feasibility of homeownership for skilled workers in these areas. What are your thoughts on this matter? Feel free to share this article with your friends. Don't forget, you can sign up for the Daily Briefing, which is delivered every day at 6pm.
The Duration Required to Save for a Condo
A graphic from Visual Capitalist presents data on the average duration a skilled worker must labor to afford a 650 square foot condo near the city center in various markets. This information is based on the UBS Global Real Estate Bubble Index 2024.
Hong Kong, the most unaffordable city globally for 14 consecutive years, requires over two decades of work from an average skilled worker to purchase a condo.
Paris, despite a more than 20% drop in real home prices from post-pandemic highs, remains the most unaffordable city in Europe.
The median sale price of a condo or co-op in Manhattan was nearly $1.2 million in the fourth quarter of 2023. This figure represents a 44% increase in prices per square foot over a decade.
Bottom Line
The data presented paints a stark picture of the housing market in various global cities. It raises questions about affordability and the feasibility of homeownership for skilled workers in these areas. What are your thoughts on this matter? Feel free to share this article with your friends. Don't forget, you can sign up for the Daily Briefing, which is delivered every day at 6pm.
