Wazzup Pilipinas!
Ever wondered how far your income could go when planning to purchase a home?
Di you know that a salaried Filipino with more than 20 years of work experience may need 128 years’ worth of his salary in order to afford a house in Makati, the Philippines’ most expensive housing market? This information is according to global property website Lamudi Philippines (www.lamudi.com.ph).
On the other hand, this same salaried worker only needs 4.16 months’ worth of his salary in order to afford a home in San Jose Del Monte, Bulacan, one of the country’s most affordable markets based on average home price.
At the other end of the salary spectrum are minimum wage earners, who need to work a staggering 1,449 years in order to afford Makati’s uber-expensive houses, while 3 years’ worth of their income can buy a house in San Jose Del Monte.
These are some of the findings of Lamudi’s latest analysis using its second quarter 2015 listings data, which involve close to 15,000 houses for sale in 289 cities and municipalities across the Philippines. Lamudi’s analysis focused on the top 32 cities and municipalities with more than 100 for-sale inventories.