Housing affordability is a big issue for many potential homebuyers in the United States but when it comes to how far a median income stretches it far outpaces Canada.
Canada is also well behind Mexico in an analysis of countries in the OECD by Homes.com which looked at the 36 member countries and the size of property that could be bought with a median household income.
Turkey tops the list with its locals being able to purchase 742 square feet of home when earning a median household income of $17,067 – based on a salary multiplier of 3.
The US is close behind with the median household income of $44,049 able to buy 669.4 square feet of home.
However, Canada’s median household income of $29,850 would buy just 271.7 square feet of home; lower too than the 462.5 square feet that Mexico’s median $13,891 would buy.
The least affordable OECD member country is South Korea where the median $21,723 would buy just 84.4 square feet of home, followed by Switzerland with 112.9 square feet affordable to a median income earner ($36,378).
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