Mortgage repayments account for just 14.5% of income for the average homeowner in the US — making America one of the most affordable countries to own a home, according to the report.
Belgium may take second place on the list, but it is Europe’s most affordable country for homeowners. The average housing cost is $215K and an average mortgage hovers around $850.
For a repayment mortgage on a $200K property, with a 20% deposit, a solo house-hunter in Spain can expect to budget $837 a month for mortgage payments.
The average home price in Italy is roughly $236K. And while that’s a little more than the home prices in Spain, you will spend less on mortgage and living expenses.
With an average housing price of $97K, Romania is a great place to purchase a home, with an average mortgage of $549.
Mortgage repayments account for just 22% in Ireland, more than half the cost when compared to Romania.
The average home price is $266K and the average mortgage is $1237.
Denmark homes on average will cost you $329K, according to the report. You should expect to spend at least 23% of your income on mortgage and living costs. The average mortgage is $1292.
For a repayment mortgage on a $257K property, with a 20% deposit, home buyers in the Czech Republic can expect to budget $1092 a month for mortgage payments.
Canada is North America’s second most affordable option where the average home price is $294K. At $1354, the average mortgage cost is cheaper than the average rent prices in the U.S.
Finland takes the number 10 spot as the most affordable countries to buy a home, where the average cost of a home is $342K. The average mortgage is $1305.
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