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House prices outpace wage rises

Salaries have grown significantly in recent years, with net wages at county levels rising by 46-59%, but housing prices have outstripped that growth, according to an analysis by ingatlan.com.

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The real estate website has compared how many monthly net salaries it would take to purchase an average-priced, 50 sqm used home between February 2015 and 2020.

In Budapest, and in all 19 county seats, housing prices were higher than salaries. According to the analysis, Debrecen residents have to work the most for an apartment, as it would cost 111 times the county’s average monthly net salary, as compared to five years ago, when it would have taken 77 months.

Following Debrecen is Budapest, where at present a 50 sqm flat can be bought with 104 months worth of wages. Five years earlier, the situation was more favorable and buying the apartment would have taken only 68 months.