Million-euro homes remain unaffordable for single average earners across the EU
Calculations based on standard mortgage terms reveal that no single average earner in the European Union can afford a million-euro property, underscoring the bloc's deep structural wage divides and the growing reliance on dual incomes or foreign capital for high-value real estate.
A single worker earning the national average wage cannot secure a standard mortgage for a one million euro property in any European Union member state. Analysis of 2025 Eurostat earnings data shows that even in Luxembourg, the bloc's wealthiest economy, a single earner would need 1.6 times the average salary to meet typical lending thresholds for such a purchase.
The financial barrier highlights the fragmented nature of the European property market and the limits of economic convergence across the bloc. Under standard lending assumptions requiring a 20 percent deposit and capping mortgage payments at a third of gross income, the required monthly payment of 3,592 euros demands an annual salary of 130,631 euros.
This income requirement exposes severe purchasing power disparities that complicate cross-border investment and labor mobility. In Bulgaria, a single average worker would need the equivalent of 7.8 national salaries to qualify, facing a monthly income deficit of 3,131 euros against the required mortgage payment. Greece follows as the second most difficult market, requiring 7.2 times the average wage.
The underlying wage data illustrates the stark economic reality driving these ratios. Average monthly gross earnings reach 6,713 euros in Luxembourg and exceed 4,000 euros in Denmark, Ireland, Belgium, Austria, and the Netherlands. Conversely, seven member states report average salaries below 2,000 euros, including Bulgaria at 1,398 euros and Greece at 1,510 euros.
The affordability gap persists even in the major economies, shaping domestic wealth distribution and real estate dynamics. Among the largest markets, Germany offers the most accessible conditions, requiring 2.7 times the average salary, while Italy and Spain demand 4.1 and 4.0 times the average wage respectively. France sits in the middle, requiring 3.1 times the national average.
Dual-income households alter the calculus, though they only fully resolve the affordability issue in the highest-wage nations. Luxembourg remains the only member state where a couple both earning the average salary can comfortably meet the lending threshold, requiring just 0.8 times their combined earnings.
In Denmark, two average earners need 1.05 times their combined salary, while couples in Ireland and Belgium fall short at 1.2 times. For investors and developers, these figures indicate that high-value European real estate is increasingly priced out of reach for local average earners, restricting the market to wealthy domestic buyers, dual high-income households, and international capital.
