How have house prices changed compared with incomes in each country since 1970?
In OECD's house price-to-income index (2015 = 100), the latest annual value is higher than the first value since 1970 in 24 of 40 countries; in the 8 countries with data from 1970 to 2025, the change runs from -37.4% in Japan to 112.9% in Australia, and in 2025 the index runs from 54.27 in Romania to 166.73 in Portugal.
All countries
House price-to-income ratio, index (2015 = 100). one year, not an average. Sort by any column.
Each source's value links to its publisher; point at it for the source and year. A value in brackets is shown but doesn't count, and pointing at it says why. Retrieved 2026-10-27.
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Real house prices, index 2015 = 100 (OECD), 1970-2025
Each line is the source that counts most for that group.
Norway
United States
United Kingdom
Germany
Canada
Sweden
Group
Figure
Year
Trust
Norway
117.24
2025
63 Moderate
United States
154.13
2025
63 Moderate
United Kingdom
108.18
2025
63 Moderate
Germany
116.45
2025
63 Moderate
Canada
139.51
2025
63 Moderate
Sweden
100.21
2025
63 Moderate
Show every year as a table
Year
Norway
United States
United Kingdom
Germany
Canada
Sweden
1970
30.63
55.94
22.45
104.1
31.03
41.67
1971
29.8
57.99
23.1
108.21
31.66
40.75
1972
29.38
60.11
28.82
110.07
32.71
41.15
1973
29.83
63.79
36.4
109.59
36.93
41.04
1974
31.46
63.08
33.29
108.77
42.49
40.56
1975
31.65
61.87
28.51
105.12
42.57
43.14
1976
31.84
62.26
26.5
103.53
44.12
45.01
1977
32.31
64.79
24.63
106.4
42.7
47.09
1978
31.32
68.68
26.01
111.94
41.35
48.05
1979
30.92
71.46
29.63
115.2
41.83
49.41
1980
31.13
69.66
30.65
116.07
42.63
46.42
1981
30.32
67.38
28.83
116.97
43.7
42.42
1982
29.76
65.76
27.06
112.47
37.76
38.57
1983
29.34
65.43
28.64
109.33
37.32
34.89
1984
31.55
65.98
29.85
104.33
35.44
33.31
1985
35.99
67.56
30.97
101.64
35.87
32.39
1986
44.1
71.24
34.05
102.99
40.26
32.92
1987
43.81
74.54
38.45
102.26
45.33
35.27
1988
42.94
76.3
47.27
102.13
51.51
39.26
1989
38.32
77.28
53.52
101.49
55.77
43.7
1990
33.98
75.96
49.68
106.31
51.71
44.49
1991
30.75
74.16
44.96
107.94
51.62
43.01
1992
28.55
74.02
41.68
108.9
51.51
38.09
1993
28.11
73.94
40.09
109.75
51.48
32.13
1994
31.51
74.82
40.5
111.85
52.53
32.71
1995
33.06
75.15
39.54
111.85
49.59
31.87
1996
35.58
75.71
39.59
109.59
48.83
31.81
1997
38.9
76.51
42.27
106.44
49.35
33.49
1998
42.16
79.56
46.42
105.09
48.03
36.52
1999
45.93
83.17
51.09
104.61
48.76
39.38
2000
51.76
86.53
58.56
104.15
49.78
43.41
2001
54.14
90.67
62.81
102.09
51.06
45.87
2002
56.07
95.76
72.34
99.21
54.08
47.96
2003
55.46
100.95
82.53
97.85
57.62
50.15
2004
60.44
107.77
90.52
95.27
61.31
54.57
2005
64.78
115.71
94.96
95.14
65.09
58.95
2006
72.43
119.1
99.33
93.7
71.47
65.7
2007
80.71
116.01
107.58
89.89
78.41
72.96
2008
77.42
103.43
98.84
89.36
81.14
71.71
2009
77.17
97.48
89.14
90.15
79.68
72.48
2010
82.02
92.94
93.42
89.63
85.67
77.24
2011
87.83
86.72
88.63
90.97
88.44
78.13
2012
93.05
87.41
87.62
92.64
91.46
78.73
2013
95.12
92.21
87.95
94.06
92.8
82.32
2014
95.97
95.31
93.95
95.96
95.87
89.32
2015
100
100
100
100
100
100
2016
104.44
104.48
105.69
106.65
109.07
107.31
2017
108.02
108.95
108.54
111.37
120.41
112.47
2018
107.78
113.22
109.86
116.75
122.85
108.69
2019
108.78
117.2
109.25
121.7
122.65
109.15
2020
112.26
124.95
111.93
130.31
129.66
112.77
2021
121.53
139.89
117.78
140.76
144.48
121.51
2022
122.19
148.76
118.6
139.92
151.95
118.03
2023
115.39
149.73
111.21
120.2
143.34
104.74
2024
114.58
153.61
108.81
115.62
144.14
101.79
2025
117.24
154.13
108.18
116.45
139.51
100.21
House price-to-rent ratio, index 2015 = 100 (OECD), 1970-2025
Each line is the source that counts most for that group.
Norway
United States
United Kingdom
Germany
Canada
Sweden
Group
Figure
Year
Trust
Norway
119.78
2025
63 Moderate
United States
132.93
2024
63 Moderate
United Kingdom
110.99
2025
63 Moderate
Germany
129.98
2025
63 Moderate
Canada
128.24
2025
63 Moderate
Sweden
106.39
2025
63 Moderate
Show every year as a table
Year
Norway
United States
United Kingdom
Germany
Canada
Sweden
1970
–
92.98
49.38
134.54
19.77
63.47
1971
–
96.41
50.57
139.31
20.45
65.62
1972
–
98.91
61.04
140.03
21.84
67.29
1973
–
105.82
75.29
141.59
25.96
67.54
1974
–
105.24
72.71
144.74
32.16
66.89
1975
–
101.76
65.07
138.83
34.05
72.96
1976
–
102.39
61.91
135.25
35.63
78.54
1977
–
106.32
58.79
138.11
35.13
80.72
1978
–
109.5
63.82
143.82
35.04
85.29
1979
37.99
109.01
68.53
151.62
36.95
87.98
1980
39.27
100.07
64.43
155.34
39.59
80.34
1981
38.93
94.45
57.78
159.08
42.41
72.81
1982
37.79
90.81
52.33
152.99
37.02
64.19
1983
36.99
90.97
57.09
145.53
36.4
58.67
1984
39.28
90.71
57.17
137.19
34.46
55.78
1985
45.2
90.92
55.09
131.59
34.75
53.8
1986
56.54
92.8
59.16
129.66
39.14
53.26
1987
57.39
95.59
64.24
126.57
44.28
55.71
1988
55.23
96.99
76.18
125.99
50.26
60.98
1989
48.04
98.05
83.64
126.24
54.03
67.1
1990
41.83
95.42
74.24
131.74
50.1
65.62
1991
37.4
92.09
65.56
130.01
50.6
55.66
1992
34.23
91.26
58.04
124.11
49.92
46.23
1993
33.55
90.71
53.17
117.95
49.82
37.91
1994
37.73
90.9
51.78
116.66
50.57
38.17
1995
39.9
90.32
49.57
113.68
47.69
37.12
1996
42.75
90.02
49.11
108.61
47.05
36.11
1997
46.72
89.81
51.72
104.12
47.63
37.31
1998
50.73
91.07
55.97
101.93
46.46
40.56
1999
54.82
93.92
60.23
101.1
47.43
44.36
2000
61.16
97.02
67.08
100.4
48.97
49.1
2001
62.98
99.96
70.19
99.33
50.46
52.11
2002
63.32
103.08
79.41
96.71
53.43
54.25
2003
61.88
108.37
90.55
96.02
57.02
56.36
2004
66.85
115.43
99.08
93.88
60.97
59.76
2005
70.94
124.33
102.4
94.02
65.25
63.57
2006
78.84
127.15
107.1
92.71
71.85
70.78
2007
87.12
122.49
114.13
89.64
78.81
78.35
2008
83.73
109.68
105.57
89.77
81.37
77.28
2009
82.43
101.97
94.29
89.52
78.84
77.2
2010
86.72
99.16
98.4
89.41
84.87
81.96
2011
91.6
93.28
94.6
91.45
88.48
82.18
2012
95.99
93.3
91.93
93.43
91.4
81.11
2013
96.86
96.98
91.97
95.08
92.48
83.41
2014
96.88
98.54
97.06
96.61
96
89.72
2015
100
100
100
100
100
100
2016
104.98
101.7
105.17
106.24
109.25
107.3
2017
107.97
103.94
108.9
111.26
121.1
113.47
2018
107.64
106.38
111.89
116.9
124.11
111.22
2019
108.34
107.7
112.21
121.89
122.59
111.99
2020
111.29
112.57
113.79
129.5
128.38
114.59
2021
121.37
128.25
121.04
142.59
144.81
124.36
2022
125.1
137.1
127.78
148.68
154.05
126.56
2023
119.61
132.73
121.25
133.48
141.88
116.11
2024
117.65
132.93
113.99
128.61
135.81
110.82
2025
119.78
–
110.99
129.98
128.24
106.39
Real residential property prices, index 2010 = 100 (BIS), 1970-2025
Each line is the source that counts most for that group.
Norway
United States
United Kingdom
Germany
Canada
Sweden
Group
Figure
Year
Trust
Norway
133.31
2025
63 Moderate
United States
158.46
2025
63 Moderate
United Kingdom
110.04
2025
71 Moderate
Germany
129.44
2025
63 Moderate
Canada
146.91
2025
63 Moderate
Sweden
130.53
2025
63 Moderate
Show every year as a table
Year
Norway
United States
United Kingdom
Germany
Canada
Sweden
1970
33.37
60.29
22.31
122.76
38.33
49.27
1971
33.11
62.46
22.8
128.89
39.34
48.28
1972
34.85
64.82
28.48
130.44
40.52
48.99
1973
33.95
68.29
35.98
130.67
45.59
49.22
1974
32.31
67.15
33.41
131.11
52.47
48.82
1975
32.21
66.85
28.93
126.71
52.87
52.43
1976
30.39
66.38
27.22
124.33
55.1
55.65
1977
33.45
72.45
25.34
126.39
53.56
57.65
1978
34.52
77.77
27.41
132.04
51.61
59.4
1979
35.31
81.47
31.86
138.43
52.22
61.5
1980
34.79
79.91
33.52
140.89
53.23
55.59
1981
39.84
77.66
31.71
141.82
54.18
49.12
1982
43.75
74.96
30
136.02
46.44
45.72
1983
42.52
75.31
31.95
131.96
46.34
42.28
1984
43.35
75.91
33.49
126.26
44.12
40.63
1985
43.27
77.32
34.69
122.28
44.72
39.41
1986
52.38
81.71
38.11
122.73
50.29
39.75
1987
59.35
86.47
43.14
121.57
56.29
43.05
1988
55.5
90.49
53.02
121.99
63.9
48.05
1989
45.8
93.59
60.2
122.48
68.83
53.64
1990
42.26
91.72
55.64
128.78
63.44
54.38
1991
38.3
87.2
51
130.15
62.41
53.1
1992
35.72
84.56
46.97
130.2
62.56
46.98
1993
35.25
83.25
45.01
129.96
62.64
39.89
1994
39.34
82.98
45.31
131.36
64.49
40.84
1995
41.21
82.44
44.46
130.38
60.5
39.97
1996
44.36
82.37
44.99
126.84
59.43
40.08
1997
48.43
83.34
48.06
122.26
59.9
42.45
1998
52.62
87.42
52.77
120.14
58.54
46.61
1999
57.12
91.86
57.72
119.39
59.65
50.74
2000
64.22
97.25
65.79
118.37
60.25
55.93
2001
66.66
102.88
70.29
116.03
61.48
58.94
2002
69.1
109.83
80.61
113.58
66.26
61.35
2003
68.53
117.82
92.02
110.85
70.72
64.2
2004
75.16
131
101.55
107.66
75.84
69.92
2005
80.14
146.82
104.98
105.05
81.53
75.89
2006
89.05
150.49
110.6
103.4
89.33
84.1
2007
99.51
137.91
118.89
100.85
96.86
92.53
2008
94.93
113.71
109.62
101.54
96.88
90.47
2009
94.64
103.05
97.7
100.53
93.85
93.77
2010
100
100
100
100
100
99.99
2011
106.61
94.27
94.34
100.35
102.63
99.64
2012
113.06
96.69
92.11
101.32
105.83
99.99
2013
115.17
104.67
92.1
102.86
107
105.19
2014
115.91
109.49
98.05
104.98
110.71
115.32
2015
120.4
115.15
103.84
109.37
118.1
130.5
2016
124.42
119.8
110.42
116.95
133.95
139.88
2017
128.19
124.17
112.41
122.35
152.72
146.55
2018
126.58
127.94
113.18
128.2
154.49
142.4
2019
126.95
130.64
112.3
133.7
152.53
143.37
2020
130.65
137.77
114.5
143.31
161
148.65
2021
139.52
151.49
120.71
155.14
175.38
160.2
2022
138.89
158.08
120.99
154.07
179.11
153.43
2023
130.89
157.8
113.06
133.13
161.06
133.81
2024
130.22
159.85
110.9
128.15
154.17
130.06
2025
133.31
158.46
110.04
129.44
146.91
130.53
About this data
Every source on this page (4)
Who is behind the sources
100% International body
Each publisher, its funding and its own description
OECD· International bodyFunding: Contributions from its member countries, set by a formula based on the size of each economy, plus voluntary contributions. sourceIn its own words: “Our core aim is to set international standards and support their implementation…” source, retrieved 2026-10-27
Bank for International Settlements (BIS)· International bodyFunding: Owned by its member central banks; it pays its costs from the income of its banking business with central banks. sourceIn its own words: “Our mission is to support central banks' pursuit of monetary and financial stability through international cooperation…” source, retrieved 2026-10-27
BIS selected residential property prices, realBank for International Settlements (BIS) (international body) · Official economic statisticsUsed for 6 countries; counts toward 6. Years 2025. Retrieved 2026-10-27.Open one of its 6 pages (each row's sources list its own)
Why the numbers differ (4)
Different measures: the price-to-income ratio divides OECD's nominal house price index by nominal disposable income per head (OECD: "the nominal house price index divided by the nominal disposable income per head"). OECD's real house price index divides the same prices by the consumer expenditure deflator, and the price-to-rent ratio divides them by the rent index. The BIS series is prices only, deflated by the consumer price index, so it is shown as its own set and never mixed with the ratio rows. (source, retrieved 2026-10-27)
Different base years: OECD indices are set to 2015 = 100 and BIS indices to the 2010 average = 100, so a value in one set cannot be compared with a value in another; only the movement over time can be compared. (source, retrieved 2026-10-27)
Shared national inputs: both bodies build on national house price indices. Computed from the two files, OECD's nominal index and the BIS nominal index keep a near-constant ratio (within 3% in every year) for United Kingdom, Germany, which points to the same national series; for Norway, United States, Canada, Sweden the two drift apart, so they use different series or splice them differently. (source, retrieved 2026-10-27)
Coverage: OECD says that "In most cases, the nominal house price covers the sale of newly built and existing dwellings"; the BIS lists, country by country, whether its series covers new or existing dwellings, houses or flats, and the whole country or only some cities, and how that changed over time. (source, retrieved 2026-10-27)
Common mistakes (3)
Reading the index as a level: these are indices, not prices or years of income. OECD: "A comparison of nominal house prices levels across countries is difficult, as definitions differ across countries." A higher index in one country than another does not mean homes there cost more relative to income; it means the ratio rose more since 2015. (source, retrieved 2026-10-27)
Treating the ratio as the full cost of buying: OECD notes that "these data do not take into account the cost of borrowing", so changes in mortgage interest rates are not in it. (source, retrieved 2026-10-27)
Taking income per head as a typical household's income: the denominator is disposable income per head from the national accounts, an average, not a median household's income. (source, retrieved 2026-10-27)
OECD standardised price-to-income and price-to-rent ratios: The same ratios divided by each country's long-term average instead of the 2015 value; a rebasing of the data shown, not a separate source. (source, retrieved 2026-10-27)
OECD, euro area and euro area (17 countries) aggregates: Averages of countries, not countries; the table lists countries only. (source, retrieved 2026-10-27)
BIS long series on nominal residential property prices: The BIS says these were merged into the selected series as back data from May 2019, so the selected series already holds them. (source, retrieved 2026-10-27)
BIS nominal index and year-on-year growth rates: In the same file; the page shows the BIS real (inflation-adjusted) index next to OECD's real index, and OECD's price-to-income ratio already uses nominal prices. (source, retrieved 2026-10-27)
BIS series for countries outside the OECD table (such as China, India and Brazil): The BIS gives prices only; there is no price-to-income ratio for these countries in the OECD dataset, so they have no row. (source, retrieved 2026-10-27)
OECD dataset landing page and per-country source notes on oecd.org: The site blocked scripted access on 27 October 2026; the dataflow description from the OECD API and the HM1.2 note are cited instead. (source, retrieved 2026-10-27)
Cite as: RealStats, “How have house prices changed compared with incomes in each country since 1970?”, updated 2026-10-27, with the original sources listed on the page. Scores use formula version 1.0.