UK average income before tax) £34,963 - £27,911 after tax (assuming NO student loan and NO pension) (for context: a band 3 nurse with 3 years experience makes £24,336 before tax or £20,631.51 after with no pension)
England average house price: £375,131
Approx ratio after tax: 13:1
Minimum deposit: 5% - £18,756.55
Tax: 0% on first time buyers
Fees: about £1,000 - £5,000
Total cost to get going: Approx £21,750 - nearly a years wage.
Now let’s look where I live: Spain!
Turns out Spain really is a load of countries wearing a hat so getting unified stats is not easy. Let’s try Barcelona:
Average income before tax: €33,837 - €25,470 after tax
Average house price: €376,399
Approx ratio after tax: 15:1
Minimum deposit: 10% - €37,639.90
Purchase tax: 10% - €37,639.90 (plus 1.5% for new builds)
It’s not just America though.
Where I’m from:
UK average income before tax) £34,963 - £27,911 after tax (assuming NO student loan and NO pension) (for context: a band 3 nurse with 3 years experience makes £24,336 before tax or £20,631.51 after with no pension)
England average house price: £375,131
Approx ratio after tax: 13:1
Minimum deposit: 5% - £18,756.55
Tax: 0% on first time buyers
Fees: about £1,000 - £5,000
Total cost to get going: Approx £21,750 - nearly a years wage.
Now let’s look where I live: Spain!
Turns out Spain really is a load of countries wearing a hat so getting unified stats is not easy. Let’s try Barcelona:
Average income before tax: €33,837 - €25,470 after tax
Average house price: €376,399
Approx ratio after tax: 15:1
Minimum deposit: 10% - €37,639.90
Purchase tax: 10% - €37,639.90 (plus 1.5% for new builds)
Fees: 2 - 5% - 7,527.98 - 18,819.95
Total cost to get going: €82,807.78 - €94,099.75
Turns out treating housing as a market to speculate on might just be the problem all along.