How many salaries are needed to buy a house in Israel? The Central Bureau of Statistics, Director of the Geographical Methodology Sector, Dr. Larissa Fleishman, presented data to answer this question at a real estate conference in Netanya on real estate in the Sharon region and the largest cities of Israel.
It found that the average house price in Israel nationwide in 2022 was 1.87 million shekels, while in the Sharon area the average house price was 2.71 million shekels. The average annual monthly salary in Israel is 12,100 shekels, which means that on the national average it would take 12.9 years (155 salaries) to buy a home in Israel. This number is slightly higher than the 146 salaries the Ministry of Construction and Housing found that it cost to buy a home in 2014.
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Fleishman found large regional disparities with Jerusalem, the city where it takes the most monthly salaries to buy an apartment — 26.9 years on average. This stems from the fact that Jerusalem has relatively low salaries and relatively high apartment prices.
In second place in terms of the length of time it takes to buy an apartment is Bnei Brak, where it takes 25.4 years to buy a house. Tel Aviv, which has high salaries but also high housing prices, it takes 22.2 years of salaries to buy a house. In the periphery, where housing prices are at their lowest, it takes 10 years to buy an apartment in Beersheba, 10.1 years in Haifa, 13 years in Ashkelon, 15.3 years in Hadera, and 15.4 years in Pardes Hana. In Ramat Hasharon, which has the highest median home price in the country but also has relatively high salaries, it takes an average of 19 years to buy a home.
Published by Globes, Israel business news – en.globes.co.il – on May 4, 2023.
© Copyright Globes Publisher Itonut (1983) Ltd., 2023.
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