A global look at the 10 countries where buying a home takes the longest time based on average annual income.
Image Source : @user32212 pixabay
A global look at the 10 countries where buying a home takes the longest time based on average annual income.

Buying a home is a key milestone in many people's lives, but in some parts of the world, it's an almost impossible dream without extraordinary circumstances or generational wealth.

This post looks into a compelling global comparison for 2024: how many years of average income it would take to buy a home in different countries. The higher the number, the less affordable the housing is relative to the average citizen’s earnings.

Interestingly, it's not always the richest countries where housing is most affordable. Factors like income disparity, real estate inflation, and even political instability play a massive role in making housing unattainable in many regions.

From conflict-ridden economies to rapidly urbanizing nations, the reasons behind unaffordability vary greatly. But one common thread among the top entries? The vast chasm between property prices and what people earn.

Let’s dive into the top 10 countries where it takes the longest time to buy a house using the average annual income — and see what makes these markets so inaccessible.

Top 10 Countries Where Buying a Home Feels Impossible

  • 1st Syrian Arab Republic – 101.9 years
  • 2nd Ethiopia – 43.1 years
  • 3rd Cameroon – 42.9 years
  • 4th Sri Lanka – 36.0 years
  • 5th Nepal – 35.2 years
  • 6th Hong Kong (China) – 32.1 years
  • 7th China – 29.6 years
  • 8th Lebanon – 27.4 years
  • 9th Philippines – 27.0 years
  • 10th Thailand – 26.5 years
  • 100th United States of America – 4.1 years

100th United States of America – 4.1 years

Despite expensive urban markets, the U.S. housing market remains relatively accessible due to income and financing structures.
Image Source : @Pexels pixabay
Despite expensive urban markets, the U.S. housing market remains relatively accessible due to income and financing structures.
In the United States, the average time it takes to purchase a home with a median annual income is approximately 4.1 years. This reflects a housing market that, while expensive in urban centers, still offers accessibility through lending systems, varied housing stock, and relatively higher incomes.

The American housing landscape is heavily influenced by mortgage availability, credit systems, and strong real estate infrastructure. While housing affordability challenges exist in major cities like New York or San Francisco, the national average remains favorable compared to most other countries in this ranking.

10th Thailand – 26.5 years

Tourism and demand-driven prices have made housing unaffordable for average Thais.
Image Source : @sasint pixabay
Tourism and demand-driven prices have made housing unaffordable for average Thais.
Thailand rounds out the top 10, with 26.5 years of income required to buy a home. Bangkok and popular tourist regions have seen real estate prices rise dramatically due to both domestic and foreign demand.

Despite relatively steady income levels, the average Thai worker finds it difficult to afford property without substantial savings or family support. The government has launched some affordable housing initiatives, but progress is slow.

9th Philippines – 27.0 years

Urban housing costs and limited financing options challenge homeownership in the Philippines.
Image Source : @Pixabay pexels
Urban housing costs and limited financing options challenge homeownership in the Philippines.
In the Philippines, the average time to buy a home is 27.0 years. Rapid urbanization and overseas remittances have inflated housing prices, particularly in Metro Manila and Cebu.

While new condominiums continue to rise, their prices remain out of reach for most local residents. With limited access to affordable housing finance, many turn to informal housing or family arrangements.

8th Lebanon – 27.4 years

Economic collapse and inflation have made housing largely inaccessible in Lebanon.
Image Source : @Peggychoucair pixabay
Economic collapse and inflation have made housing largely inaccessible in Lebanon.
Lebanon’s economic collapse has drastically distorted its housing market. It takes 27.4 years of income to afford a home, primarily because of massive inflation and a destroyed financial system.

Despite a significant drop in real estate transactions, prices have remained high in dollar terms, while average incomes have plummeted. For most Lebanese, buying a home is unattainable unless supported by savings abroad or external financial help.

7th China – 29.6 years

Soaring property prices outpace income growth in China, leaving many priced out of the market.
Image Source : @Leslin_Liu pixabay
Soaring property prices outpace income growth in China, leaving many priced out of the market.
In China, the average person would need 29.6 years of income to buy a home, reflecting a nationwide housing bubble that has expanded for over a decade.

Large cities like Beijing and Shanghai have seen massive real estate speculation, driving prices to levels far beyond average income growth. The government has implemented cooling measures, but homeownership remains a stretch for most young people without family assistance.

6th Hong Kong (China) – 32.1 years

Hong Kong’s restricted land and investment-driven market make homeownership nearly impossible for most.
Image Source : @carloyuen pixabay
Hong Kong’s restricted land and investment-driven market make homeownership nearly impossible for most.
Hong Kong is notorious for being one of the world’s least affordable housing markets, with an average of 32.1 years of income required to purchase a home.

Despite being a high-income city, the property market is dominated by limited land supply and speculative investments. Young people and middle-income earners are often forced to live in cramped 'nano flats' or stay with family well into adulthood. Government intervention has struggled to balance the needs of the population against powerful developer interests.

5th Nepal – 35.2 years

Low wages and inflated land prices in cities make buying homes in Nepal extremely difficult.
Image Source : @wilsoner150 pixabay
Low wages and inflated land prices in cities make buying homes in Nepal extremely difficult.
Nepal’s housing unaffordability—at 35.2 years of income—is fueled by low average wages and skyrocketing land prices in Kathmandu Valley and other urban hubs.

Post-earthquake rebuilding, limited urban planning, and high demand have driven prices to unsustainable levels. Most Nepalis rely on remittances from family members abroad to afford property, making homeownership inaccessible for those without diaspora support.

4th Sri Lanka – 36.0 years

Economic instability and real estate inflation have made homes largely unaffordable in Sri Lanka.
Image Source : @bestbauch pixabay
Economic instability and real estate inflation have made homes largely unaffordable in Sri Lanka.
With 36.0 years needed to buy a home, Sri Lanka illustrates how macroeconomic instability affects housing affordability. The country has been grappling with severe inflation, currency devaluation, and fiscal crises in recent years.

While real estate prices in Colombo and other urban areas have surged due to demand and speculation, wages have lagged significantly. The financial pressures on the average Sri Lankan make homeownership an increasingly distant dream, especially for young professionals and first-time buyers.

3rd Cameroon – 42.9 years

Cameroon’s housing market is hindered by low incomes and underdeveloped financial systems.
Image Source : @Kelly pexels
Cameroon’s housing market is hindered by low incomes and underdeveloped financial systems.
Cameroon’s housing affordability crisis stems from weak regulatory oversight, corruption in real estate, and low-income levels. On average, it takes 42.9 years of income to afford a home.

Urban centers like Douala and Yaoundé have housing demand that far exceeds supply. Meanwhile, formal mortgage systems are underdeveloped, forcing many to build incrementally or rely on informal markets. This results in housing insecurity and a lack of long-term planning for millions of residents.

2nd Ethiopia – 43.1 years

High urban housing costs and low wages make Ethiopia's housing market extremely inaccessible.
Image Source : @Lan Yao pexels
High urban housing costs and low wages make Ethiopia's housing market extremely inaccessible.
In Ethiopia, it takes an average of 43.1 years of income to buy a home. This reflects a huge mismatch between rapidly rising urban housing costs and stagnant rural and urban wages.

Addis Ababa, the capital, has seen property prices soar due to limited housing supply and increasing urban migration. Meanwhile, income growth hasn't kept pace, creating one of the widest affordability gaps in Africa. Rural populations are often entirely priced out of the formal housing market.

1st Syrian Arab Republic – 101.9 years

Syria’s war-torn economy makes buying a home nearly impossible for the average citizen.
Image Source : @Iyad pixabay
Syria’s war-torn economy makes buying a home nearly impossible for the average citizen.
Syria tops the list with a staggering 101.9 years required to buy a home using the average income. This number reflects an economy devastated by over a decade of civil war, hyperinflation, and a collapsed middle class.

The housing market in Syria is deeply distorted. While property prices in some areas have stagnated, the value of the local currency and purchasing power have plummeted. For most Syrians, owning a home is not even on the radar — daily survival takes precedence over long-term financial planning. Housing is either inherited, makeshift, or accessed through extended family arrangements.