The United States, Jamaica and Saudi Arabia are among the most affordable places to live in the world, based on average house prices versus average income in the respective countries.
Australian home and office removals firm Assured Removalists combined data on average annual salary, income tax and house prices to produce a ratio that shows the measure of housing affordability around the world. The higher the ratio is, the less affordable the houses are.
Suriname tops the list of most affordable places to live, and while it’s not somewhere most people would consider moving to, property is cheap for those that already live there based on their average salary figure.
Surprisingly, America is fifth on the list of the most affordable places to live, with a house price to average earnings ratio of 4.18.
By comparison, the UK comes in 44th place with a ratio of 13.13 – meaning Britons need more than 13 times their salaries to be able to purchase a home.
Papua New Guinea is the least affordable place to buy a home, according to the data. To purchase a home as a resident you would need an eye-watering 181.6 times your salary.
Separate data published last month revealed that Brighton is the least affordable place to buy in the UK, with only 2pc of properties in the seaside resort affordable for first-time buyers.
While most would assume that London is the least affordable place for first-time buyers, it’s Brighton that takes the dubious title, with average property prices at £352,303 and a minuscule percentage of properties considered affordable.
Bristolians also struggle to get a foot on the property ladder, with only 29pc of properties in the region – carrying an average asking price of £268,070 – affordable for first-time buyers.