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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.