House prices versus income by country

Every economy Bullrun holds a reading for: 23 in all, ranked highest first. Australia is the highest at +54.08% and Finland the lowest at -22.89%; the median is +19.43%. Each row carries its own period and source, because these providers publish on different calendars - two rows in this table can be more than a year apart.

House prices versus income by country, ranked

#EconomyPrice-to-income vs normBandPeriodSource
1Australia+54.08%Very stretched2026-Q1OECD
2Portugal+42.67%Very stretched2026-Q1OECD
3Netherlands+41.41%Very stretched2025-Q4OECD
4Canada+39.17%Very stretched2026-Q2OECD
5Spain+27.01%Stretched2026-Q1OECD
6New Zealand+25.24%Stretched2025-Q4OECD
7Switzerland+25.02%Stretched2026-Q2OECD
8Denmark+22.36%Stretched2026-Q1OECD
9Austria+22.34%Stretched2026-Q1OECD
10Norway+20.00%Stretched2026-Q2OECD
11Belgium+19.64%Stretched2026-Q1OECD
12Sweden+19.43%Stretched2026-Q1OECD
13United Kingdom+16.45%Stretched2026-Q2OECD
14United States+11.13%Stretched2026-Q2OECD
15Greece+9.94%Near norm2026-Q2OECD
16Ireland+9.73%Near norm2026-Q2OECD
17Euro Area+9.43%Near norm2025-Q4OECD
18France+5.06%Near norm2026-Q2OECD
19South Africa-6.00%Below norm2025-Q4OECD
20Italy-9.93%Below norm2026-Q2OECD
21Japan-12.39%Below norm2025-Q4OECD
22Germany-14.18%Below norm2026-Q1OECD
23Finland-22.89%Far below norm2026-Q1OECD

How the scale reads

BandWhat it meansEconomies
< -20%Far below norm - far below this country's own long-run average1
-20 to -5%Below norm4
-5 to +10%Near norm4
+10 to +30%Stretched10
> +30%Very stretched4

These are the same bands that shade the map on the Global Markets dashboard, so a country's colour there and its band here always agree.

What this measures

How far the price-to-income ratio sits above or below that economy's OWN long-run average, in percent. Scored against its own history on purpose: a raw ratio is not comparable between countries, because what counts as normal depends on mortgage structure, tax treatment and how income is measured. Zero is that country's own normal, not an international benchmark. The OECD standardises this for 23 economies, so the panel is narrower than the growth view rather than filled in from a proxy.

Source: OECD analytical house price indicators. Coverage differs from metric to metric because these providers cover different sets of economies, and a gap is left as a gap rather than filled from a proxy - an absent economy is one we hold no reading for, never a zero. See the data license.

Other metrics by country

Global markets dashboard · Every economy scored · Screen stocks by country