With more employers offering their staff the option to work from home, employees are taking weeping the benefits of working from anywhere – including in another country. A new report from money.co.uk analyzed the 20 wealthiest countries in the world using factors such as interest rates, housing prices, cost of living, and average income to determine the cheapest countries to buy a home.
If you’re ready to pack up and live abroad, here’s a list of 10 of the most affordable countries for prospective home buyers.
1. United States
Mortgage repayments account for just 14.5% of income for the average homeowner in the US — making America one of the most affordable countries to own a home, according to the report.
The average housing price in the U.S. is $168K and the average mortgage cost is $821. Of course, this depends on where in the country you decide to buy.
2. Belgium
Belgium may take second place on the list, but it is Europe’s most affordable country for homeowners. The average housing cost is $215K and an average mortgage hovers around $850.
3. Spain
For a repayment mortgage on a $200K property, with a 20% deposit, a solo house-hunter in Spain can expect to budget $837 a month for mortgage payments.
Homebuyers will spend 32.56% of their income on household bills in Spain.
4. Italy
The average home price in Italy is roughly $236K. And while that’s a little more than the home prices in Spain, you will spend less on mortgage and living expenses.
The average mortgage payment are about $945.
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5. Romania
With an average housing price of $97K, Romania is a great place to purchase a home, with an average mortgage of $549.
What makes Romania score a little lower than the other countries in Europe are the mortgage and living expenses where you can expect to dish out at least 50% of your monthly income.
6. Ireland
Mortgage repayments account for just 22% in Ireland, more than half the cost when compared to Romania.
The average home price is $266K and the average mortgage is $1237.
7. Denmark
Denmark homes on average will cost you $329K, according to the report. You should expect to spend at least 23% of your income on mortgage and living costs. The average mortgage is $1292.
8. Czech Republic
For a repayment mortgage on a $257K property, with a 20% deposit, home buyers in the Czech Republic can expect to budget $1092 a month for mortgage payments.
The one thing to consider with the Czech Republic is how much of your income will be spent on mortgage and living costs, as the report from money.co.uk estimates 58% of your income.
9. Canada
Canada is North America’s second most affordable option where the average home price is $294K. At $1354, the average mortgage cost is cheaper than the average rent prices in the U.S.
10. Finland
Finland takes the number 10 spot as the most affordable countries to buy a home, where the average cost of a home is $342K. The average mortgage is $1305.