Property prices are changing all the time. Whether that’s because of the economic crisis or the value of money increasing, but neither stop people from upgrading or downgrading their living situation. Houses are going up on the market every single day!
Vivid Doors have taken a look at the average house price, which is currently £230,000 in the UK and $225,000 in the US, then using this average, they looked at 19 different cities around the world to compare the type of property you can expect to buy for this sort of money, as well as quality of life and average earnings.
Due to exchange rates, town/city size and the value of your area, you may be able to afford a much larger house in a completely different city. Similarly, in a well-built, popular area, you may find that $250K gets you very little.
Would you be willing to move cities for a larger home? What sort of compromise would you need to make for a larger house? Let’s compare the results:
N.B. Property is varied, and prices can fluctuate. The graphic below is based on a representation of what could be found for sale in August/September 2019, taking current exchange rates into account.
Paris is a very large and expensive city, making it quite difficult for residents to get on the property ladder. If you were to buy a property in Paris, as the prices currently stand, you’d get barely anything for $250K. Due to the current exchange rate from US Dollars to Euros, you’d get half of a 1 bedroom apartment, and this will cost you €275k!
Apart from the high living costs, Paris offers its residents great benefits, such as a good work/life balance, generous family allowances and childcare options, an abundance of green space and world renowned culture, food and architecture.
The average property price in London is extortionate compared to the average price for the rest of the country. In fact, If you wanted to move to London, you’ll get very little for $250K. For this price, your best option for living in London is in the south, and even then, this price will only afford you a 1 bedroom flat or maisonette.
Regardless of the cost of living, London has some great benefits such as, exceptional public transport, great healthcare options, an abundance of job opportunities (the majority are highly paid compared to the rest of the UK) and the culture and history that the city has to offer.
Another great city, Berlin offers amazing benefits to its inhabitants. If you’re considering moving to Berlin, you’ll experience a very laidback lifestyle with a young student-led population, great nightlife and a much more affordable cost of living compared with London and Paris.
However, when comparing Berlin to other European cities, you’ll find the living costs to be much the same. For $250K, you’d be looking to downsize to a 1 bedroom or studio apartment in this city.
Washington, D.C., U.S.
For $250K, you’d be looking to purchase a 1 bed apartment or condo in Washington D.C as the properties in this city are very expensive.
In terms of your quality of life, there are many benefits that Washington has to offer such as, temperate climate, a very diverse culture, lots of things to see and do and plenty of green space.
The residents of Washing D.C have a relatively comfortable living wage with the average salary coming in at $70, 891 pa. Which balances out the cost of houses nicely.
Although the average salary in Bangkok is only $27, 064 pa, the cost of living is very low in comparison to other major cities around the world. The majority of residents eat out every night with the food being of a high quality and extremely cheap. But, $250K still doesn’t give you many options for buying a house there. For $250K, you’ll be looking at a 1-2 bedroom apartment, although you’ll probably find that this is in a condo that contains luxury facilities such as a pool or gym.
Alongside the low cost of living and cheap food, there are other benefits to living in Bangkok such as; sunshine all year round, the residents are extremely friendly and they have a very eclectic nightlife.
In Budapest, $250K will buy you a 2 bed flat/apartment, and whilst the cost of living is extremely affordable, the average wage is really quite low but relative, coming in at $9, 218 pa.
In the last quarter of 2018, Budapest recorded the highest growth in house prices around the world where the prices hiked up a massive 23%. Even though the average salary hasn’t followed suit, there are still many great benefits to living in Budapest such as great food, a wide range of public transport options and exceptional schools for children.
Like Budapest, the average wage for people living there is extremely low, with their wage average coming in at around $8, 051 pa. This makes it very difficult for people to afford their own home, however, $250K will get you a larger apartment with 2 to 3 bedrooms.
The benefits of living in Nairobi are; temperate climate, good outdoor living, rich culture and great food.
With the average wage in Madrid being $41,485 per annum, the cost of living there is very affordable. The house prices are pretty good, too. In fact, for $250k, you’ll be looking at a 1-3 bedroom apartment or flat.
Aside from affordable living, Madrid has other great benefits of living there too, with excellent public transport, a buzzing nightlife, rich cultural heritage and amazing food!
Rio De Janeiro, Brazil
While, the average wage in Rio is $54,779 pa, making their cost of living very affordable and the cost of houses pretty reasonable, there are some very obvious divisions as far as housing goes within the city. In the more upmarket parts of Rio, you’d likely be able to purchase a 3 bedroom apartment for $250K.
The benefits for living in Rio are; great outdoor living, plenty of sunshine, vibrant communities and a great nightlife.
Similarly to Rio, in Tokyo you’d be looking to purchase a 3-bed apartment or house for $250k.
Alongside the average salary of $49,786, Tokyo has much more to offer its inhabitants such as good education, cleanliness, great medical care, a great range of public transport and an extremely low crime rate.
New Delhi, India
In New Delhi, the average yearly wage is just $7,098 and whilst this means that house prices do not fall in line with the average salary, the cost of living is very low. Much like Bangkok you’ll get yourself a lovely 3 bedroom apartment or flat that has shared luxury facilities like a pool or gym.
There are many benefits to living in New Dehli such as, a great assortment of high quality food, excellent shopping centres, brilliant history and architecture along with a rich and unique culture all within this vibrant and busy city.
Wellington, New Zealand
With an average price of $250K, in Wellington, you’ll be able to afford yourself a lovely 2 bedroom house as well as the option for apartment living if that’s what you prefer.
The benefits of living in the capital city of New Zealand are the stunning scenery with amazing wildlife and plenty of green spaces, a small town feel with lots to do and great options for eating out.
The residents of Canberra have an average wage of $42,872 pa, and for $250K, you’d find yourself a lovely 2 to 3 bedroom townhouse in the suburbs. When the average earnings are offset against the cost of living, Canberra is a much more cost effective alternative to the likes of Sydney.
With the Aussie’s laidback lifestyle you’ll benefit from very little traffic congestion and a great work/life balance. Canberra has a young and vibrant student scene with a buzzing nightlife and an abundance of great places to eat out.
Compared with our other European countries, in Rome you’ll find that your money goes a little further when purchasing a house. For $250K you can choose to buy a 2-3 bedroom semi-detached house or villa!
With the average salary coming in at around $37,518 pa, the cost of living is relatively comfortable. Their lifestyle consists of siestas and a buzzing nightlife, excellent shopping facilities, history, architecture, and a great sense of family culture.
The average salary in Marrakech is a little lower than others, and comes in at $24,523. But, with the size of the property that you can acquire from $250K, you’ll be living the high life! In Marrakech, $250K will get you a 4-5 bedroom house!
The benefits of living in Marrakech, Morocco include; outdoor living, good food, great shopping facilities and plenty of history and culture to devour with year round good weather.
Johannesburg, South Africa
In Johannesburg you’ll get a pretty decent living space for $250K. In fact, this amount of money will get you a 3-5 bedroom house!
Johannesburg has an excellent medical care system, great transport options and is very culturally diverse. The history, architecture and culture in Johannesburg is in abundance!
The average salary in Ottawa is $40,567 which makes for a pretty comfortable life when compared to the cost of living. Pair this with the 3-4 bedroom detached family home that you can purchase with $250K and you’re on to a winner!
In Ottawa, they have a very stable economy with a low crime rate and very little traffic congestion. They also have plenty of green space which makes this city a beautiful place to live.
Although the average salary in Moscow is much lower than Paris, you can expect to find a much better living situation! In Moscow, for $250K you can expect to afford a 4-5 bedroom house.
The culture and history in Moscow is in abundance and pairing that with great public transport, excellent medical care and having lots to do – Moscow is definitely towards the top of the list with regards to quality of life.
In Islamabad you can expect to live like royalty. For $250K, you can bag yourself a huge 5-10 triple storey bedroomed house!
Although their average salary comes in at $6,521 (the lowest we’ve come across) the cost of living is extremely low there. You’ll find a fantastic array of shopping facilities and good, varied food, with a rich and long history.