Buying a home more difficult for Hungarians
Hungarians need eight years of average earnings to buy a mid-sized home, more than in 2014, as home prices have risen double the rate of earnings, an analysis by property listings aggregator Otthontérkép shows, as reported by state news wire MTI.
In the second quarter of this year, a 75 square-meter property cost HUF 20 million on average, equaling around 7.8 years of average net earnings. In 2014, to buy the same property buyers needed 6.8 years of average earnings. Earnings have risen by around 20% in the last three years, but home prices are up 40%, according to MTI.
A regional breakdown shows that in Q2 2017 people in Nógrád County (northern Hungary) and Tolna County (southwest Hungary) needed only 4-6 years of earnings to purchase a home, while buyers in Budapest needed 12 years of average earnings as home prices were much higher in the capital.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.