MANILA, Philippines - An average salaried Filipino with more than 20 years of work experience will need over a century’s worth of his salary to afford a house in Makati while it will only take at least four months for the same salaried worker to afford a home in Bulacan, global online property portal Lamudi said.
In its latest report, Lamudi Philippines analyzed how long does an average Filipino employee should work to be able to buy a house in Makati and San Jose Del Monte, Bulacan, the country’s most expensive and most affordable housing markets, respectively.
As for Filipino minimum wage earners, the Lamudi report showed they need to work some 1,449 years in order to afford a house in Makati, while three years’ worth of their income would enable them to buy a house in San Jose Del Monte.
Lamudi said average house price currently range from a high of P184 million for Makati to a low of P495,999 in San Jose del Monte, Bulacan.
“Although the results of this study does not represent all employees across all industries, it gives future Filipino homebuyers a picture on how far their income could go based on average home prices in the cities and municipalities included,” Lamudi said.
Data collated by Lamudi indicated that minimum-wage workers in the country earn P126,984 per year, while those more than 20 years of experience earn P1.43 million annually.
Following Makati as the most expensive housing market in the country to date is Muntinlupa, where average house prices stand at P42.4 million.
Lamudi said a salaried worker with more than 20 years of experience needs 29 years’ worth of his salary in order to afford a house in Muntinlupa while minimum wage earners would need 334 years’ worth their of salary.
Meanwhile, other affordable housing markets in the country are General Trias, Dasmariñas, and San Mateo where average prices stand at P1.32 million, P1.18 million, and P549,259, respectively.
Lamudi said minimum wage earners would need 10, nine, and four years’ worth of income in order to afford a home in these inexpensive housing markets.