Although the ability to find appropriate, affordable housing has always been a crucial social issue, it’s an especially pressing one in 2023. However, although reasonably priced housing remains a global issue, housing is significantly more affordable in some countries than others.
Here’s a look at some of the nations with the world’s most affordable overall housing options worldwide, as well as a selection of factors that can affect the affordability of housing from one location to the next.
Countries with the Most Affordable Housing
In Turkey, homes currently cost on average about $1,131 per square meter. Comparatively speaking, this makes Turkish homes the most affordable in the entire world.
Countries where housing is the hardest to afford include Australia, Canada, the United States, China, New Zealand, and the United Kingdom.
Factors That May Affect Housing Affordability
A variety of different factors and forces can affect the affordability of housing in a particular country or area. Here are a few important examples to keep in mind.
“Developed” vs. “Developing” Status
Economic, social, and infrastructural challenges can cause issues that make safe, affordable housing a lot harder to come by in developing nations. Actual conditions and availability can also lag far behind population growth, making adequate housing even harder to come by.
Socioeconomic Challenges
Countries where national values include equal pay, promising employment opportunities for all, and equitable division of wealth tend to also have more affordable housing.
Cultural Norms
Not all countries are the same when it comes to the living situations their people see as ideal. In some nations, multiple generations living together under one roof is desirable and even expected, which can influence housing prices.
However, in countries where smaller families and the ability to live independently are considered essential to one’s social value, people may have more issues finding the types of housing they need at affordable prices.
Government Involvement
How a nation’s government handles issues like housing has a massive effect on the actual housing prices and cost of living in that nation. In countries where housing is seen as an inviolable human right, the available options tend to be easier to afford overall.
Government funding, investments, and social programs can also greatly affect what the average home in a country or region costs.
FAQs
In Turkey, homes currently cost on average about $1,131 per square meter. Comparatively speaking, this makes Turkish homes the most affordable in the entire world. Countries where housing is the hardest to afford include Australia, Canada, the United States, China, New Zealand, and the United Kingdom.
Will there be a housing recession in 2024? ›
According to MCT housing market experts and other experts in the field, the likelihood of a real estate housing market crash in 2024 is low. Overall, while there are factors that could potentially lead to a housing market crash, the current market conditions point towards a more stable situation.
Which city in the US has the most affordable housing? ›
Researchers found nine of the ten most affordable cities were in the U.S. Of the nearly 100 cities analyzed, Pittsburgh's housing market was the most affordable, followed by Rochester and St. Louis. Cleveland, Buffalo and Detroit also ranked near the top for affordability.
Does the US have an affordable housing crisis? ›
Nationally, there is a shortage of more than 7 million affordable homes for our nation's 10.8 million plus extremely low-income families. View The Gap.
What is the demand for affordable housing in the US? ›
The National Low-Income Housing Coalition estimates that the United States has a shortage of 7.3 million rental homes for the lowest-income renters. The Joint Center for Housing Studies finds that the country lost 2.1 million rental units for these lowest-income renters between 2012 and 2022.
Which country has the least expensive cost of living? ›
The most affordable countries in the world to live and work: where to move to for a better living. The cheapest countries in the world are Pakistan, Egypt, and Bhutan. To live comfortably in one of these states, a person needs under $400 per month.
Will 2024 be a better time to buy a house? ›
Mortgage rates are expected to come down in 2024, and inventory and home sales are likely to increase. Homebuyers and sellers can also expect prices to continue to rise, albeit at a slower clip than the past couple of years.
What is the outlook for the US economy in 2024? ›
The U.S. economy continues to grow at a solid pace. Adjusted for inflation, GDP was reported to have increased at a 1.6 percent annual rate in the first quarter of 2024. That was a moderation from a 3.4 percent expansion in the fourth quarter of last year.
What is the market prediction for 2024? ›
As a whole, analysts are optimistic about the outlook for stock prices in 2024. The consensus analyst price target for the S&P 500 is 5,090, suggesting roughly 8.5% upside from current levels.
What is the best country to live in 2024? ›
Key Takeaways. Sweden, Norway, and Canada are highlighted as the top three countries for quality of life, with strong social systems, economic stability, and a focus on healthcare, safety, and equality.
Yes, there are some countries that provide free or heavily subsidized housing, food, clothing, and education to their citizens. Some examples include countries with strong welfare systems like Sweden, Finland, and Norway. These countries prioritize social welfare and provide various benefits to their residents.
Where is the cheapest and safest place to live in America? ›
Georgia is home to the safest and most affordable small cities in the U.S., with Roswell and Johns Creek ranking No. 1 and No. 2, respectively.
Why is U.S. housing so unaffordable? ›
"What we are building is at the high end, because of the increased cost of construction and because we have a lot of demand from higher-income renters," says Airgood-Obrycki. Most new apartments over the last decade have gone for $1,400 a month or higher, "and that's not affordable to the majority of renters."
Why is housing so expensive in 2024? ›
The lack of housing has caused a record number of renters to devote an excessive amount of income to housing, according to a Harvard University analysis. Not enough homes are for sale or being built, keeping prices elevated. Average mortgage rates have more than doubled and further worsened affordability.
Who are most affected by affordable housing? ›
Renters with extremely low incomes face the biggest challenges to finding affordable housing. There are only 7 million affordable units for 11 million households with extremely low incomes, but of the 7 million, 3.3 million are occupied by households with higher incomes.
Will Gen Z be able to afford houses? ›
But because Gen Z-ers earn more, the share of income required (27 percent) is roughly equal for both generations. Who's Had a Harder Time Buying a Home: You or Your Parents? Owning a home would cost Gen Z-ers about $165,000 during the eight-year period studied, while the millennial cost is greater, about $172,000.
Does the U.S. have enough housing for everyone? ›
Finding affordable housing for both renters and buyers is feeling impossible lately. Experts point to a shortage of an estimated four to seven million homes.
Which country has the cheapest rent in the world? ›
Data drawn from an analysis of over 500,000 property listings reveals that Madagascar has the world's cheapest apartment rental. For house-hunters or 'staycationers', the lowest rental price in the country is 1500 Malagasy ariary – or about 60 US cents per month.
What state has the cheapest houses in the country? ›
With an average house price of $152,373, West Virginia has the cheapest houses in the country, making it a great place for homeowners looking for affordable options.
