The average worker in Cyprus needs 23 months of work to save enough for a home deposit, according to a study by the BestBrokers platform.
In Cyprus, the average gross monthly income is €2,603, while the average price of a medium-sized home is estimated at around €305,296.
A 20% deposit therefore amounts to around €61,059. Based on the study’s methodology, it would take 23 months of work to reach that amount, assuming the worker saved their entire gross monthly income, which is not realistic in practice.
The US requires the fewest months of work, with the average worker needing nine months to reach the $64,962 required for a deposit.
In Greece, the average gross monthly income is estimated at €1,828, while the average price of a medium-sized home is around €261,846. A 20% deposit comes to €52,369, equivalent to 29 months of work.
The US has the shortest period among the countries studied, with the average worker needing nine months of gross income to save the $64,962 required for a deposit.
Source: Fileleftheros
