From low incomes, rocketing house prices and high tax: How Australia has slumped to the 58th most affordable country in the world to live

  • Australia has been ranked the 58th most affordable country in the world to live in
  • Data released measures average annual salary, income tax and house prices
  • Suriname is no.1 ahead of Saudi Arabia and Oman - United Kingdom sits 44th

By Sam McPhee For Daily Mail Australia

Published: | Updated:

Australia has been ranked the 58th most affordable country in the world to live in behind nations including Oman and Saudi Arabia.

The data measures average annual salary, income tax and house prices to identify how affordable different countries are based on their respecting housing markets.

The ratio is formed by comparing the average house price of a country against the average income of its residents. Suriname ranks at no.1 with a ratio of 1.87.

Australia has been ranked the 58th most affordable country in the world to live in behind nations including Oman and Saudi Arabia

Australia has been ranked the 58th most affordable country in the world to live in behind nations including Oman and Saudi Arabia

The data measures average annual salary, income tax and house prices to identify how affordable different countries are based on their respecting housing markets

The data measures average annual salary, income tax and house prices to identify how affordable different countries are based on their respecting housing markets

Information released by Assured Removalists suggests worldwide housing prices have increased by 6.5 per cent in the past 12 months, but established first world countries are not necessarily the hardest hit.

Nations including Iraq, Bangladesh and Yemen each rank ahead of 58th-ranked Australia. 

The average house price in Australia is now a staggering $669,700, with the median cost of a home in Sydney reaching $1.2 million.

With the average Australian wage sitting at $78,832 it has never been more difficult for families to afford a house or first-home buyers to enter the market.

The United Kingdom are marginally better than its Commonwealth partners, placing 44th on the list. 

Papua New Guinea sits at last on the list, with a staggering ratio of 181.6, with Barbados and the Solomon Islands the other two nations over 100 with 133.77 and 106 respectively.

China are ninth-last with a ratio of 40.8, below Tajikstan and Myanmar.

10 most affordable countries to live

1) Suriname - 1.87

2) Saudi Arabia - 3.02

3) Oman - 3.41

4) Bahamas - 3.42

5) USA - 4.18

6) Honduras - 4.68

7) Brunei Darussalam - 4.79

8) Jamaica - 5.03

9) Kuwait - 5.63

10) Qatar - 7.52

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10 least affordable countries to live 

1) Papua New Guinea - 181.6

2) Barbados - 133.77

3) Solomon Islands - 106

4) Maldives - 50.77

5) Bhutan - 50.57

6) Vietnam - 40.91

7) China - 40.8

8) El Salvador - 36.34

9) Venezuela - 32.33

10) Tajikistan - 32.05 

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