The Global Home Ownership Gap

When Do First-Time Buyers Enter the Market?

Buying a first home is an important milestone. While owning property helps young people build equity, it also marks a significant step towards gaining independence. Getting into the real estate market earlier in life can reap huge personal and financial rewards. 

Saving for a down payment and raising the funds for a first property purchase, however, often takes time and effort. You might be surprised by how much more time and effort it takes in some cities than others. Here, we’ve collated data from a variety of authoritative sources and analyzed it to reveal how long it typically takes to save for a home across a range of global cities.   

We’ve combined local housing costs, incomes, taxes, savings rates, and deposit requirements to estimate the average age at which individuals can realistically buy their first home in these major cities worldwide. These calculations assume a typical "start-saving" age of around 23, adding the years needed to save for a down payment.

Top Cities with the Youngest First-Time Homeowners

Where are the easiest places to get on the property ladder? From our analysis of global cities, we found that there were several cities around the world where buying a first home in your 20s should be achievable on an average income. Take a look at where these cities are and the different factors that put buying a home within easy reach.  

Stand Out Cities

Eastern Europe dominates the landscape in our figures for early homeownership, with five of the top nine cities. Several of these cities offer property costs under $3,000 per m², in part due to the compact size of homes. Plus, low prices combined with moderate taxes and robust savings rates enable young people to purchase homes in their mid-20s. 

There are outliers among the top cities for first-time buyers, however, like Oslo and Abu Dhabi. In these two cities, a combination of very different factors means that young people are able to buy properties after just four to six years of saving. Let’s take a look in more detail. 

1. Bucharest, Romania: Age 25

Bucharest offers the lowest property prices within our analysis, at just $2,015 per m², This, combined with relatively high monthly incomes, at an average of $3,595, means that Romania’s capital city is home to the world’s youngest potential first time buyers, who can save for a home in just two years. 

In Bucharest, there's a plentiful stock of older and more affordable Communist-era apartments (a popular way to secure a first property), but there’s also high demand for more modern apartments with better amenities in the city center.  Median home sizes in Bucharest are a compact 60 m². 

2. Budapest, Hungary: Age 26

Budapest is known for its historic low-rise apartment buildings with high ceilings and grand facades. There are also newly built apartments available, even within the historic city center. The city’s homes have a median size of just 57m². 

Budapest is notable for its lower incomes, with an average monthly wage of $2,479. However, a low cost of living means it's easy to save for a deposit here. Young people are able to buy homes in the city after just three years of saving, also helped along by low property prices.

2. Vilnius, Lithuania: Age 26

While Vilnius is the most expensive place to live in Lithuania, thrifty young people can buy their first home in the city at 26 years old. Saving $9,210 for just over three years raises enough for a down payment. 

Relative to other capital cities, Vilnius holds a low price per m² of city center property at just $2,829. This means that despite higher income tax at 32% and lower wages than most global cities, Vilnius is an affordable place to save for and buy a home.  

3. Tallinn, Estonia: Age 27

Tallinn in Estonia is known as a compact city with a charming old town. Like other Eastern-European cities on this list, there’s plenty of residential property in Communist-era blocks alongside more energy-efficient modern apartments. 

Tallinn’s young people are helped onto the home ownership pathway by moderate tax rates (20%) and vigorous savings plans. Our figures suggest that it should be possible to save around a third of an average monthly income ready to be ready to place a deposit. 

3. Oslo, Norway: Age 27

Norway is known for high taxes (47%) and its cost of living, so it might be a surprise to find out that young people are able to enter the Oslo housing market at around 27 years old. Oslo also has some of the most expensive city center property among all the cities analyzed, at $9,505 per m². However, frugality and stringent savings efforts mean that young people can achieve a deposit in just four years by putting the equivalent of around 4.5 months’ wages into the bank each year. 

Apartments dominate the central Oslo housing market, with those in historic districts with luxury amenities close by commanding the biggest prices. However, more affordable housing is available in up and coming districts, including some close by the waterfront and with good public transport links. 

4. Dublin, Ireland: Age 28

In the Irish capital city, young people can buy their first property after around five years of saving, despite needing a down payment of over $100,000 on average. Average savings are $21,356 per annum with average monthly wages of $3,022, meaning prospective homeowners can raise a deposit by putting seven months’ worth of wages into their savings each year. 

Dublin apartments average around 75 m², meaning they are larger than the Eastern European apartments bought by first-time buyers. The quality of housing stock in Dublin varies. The newest apartments feature great amenities, are energy-efficient and built to very high standards. However, these are more expensive than older, lower-quality stock built during previous property booms.  

4. Warsaw, Poland: Age 28

As in the other Eastern-European cities here, young buyers are benefiting from low property prices in Warsaw, with an average price of $4,200 per m² in the city center. However, with higher taxes to pay than their counterparts in Bucharest, Budapest and Tallinn and lower wages than in Vilnius, it takes a little longer to save for a deposit at around five years.

Once a down payment is ready, first-time home buyers can access a range of property styles. Areas around the UNESCO-listed Old Town offer apartments in heritage buildings. Modern tower-living is also available in newer districts, and there is property stock in quieter, greener neighborhoods, too. 

5. Abu Dhabi, United Arab Emirates: Age 29

Abu Dhabi stands out for having the youngest potential first-time buyers outside a city in Europe. Young people in Abu Dhabi can buy their first home at 29 years old after six years of saving. While an average deposit of $138,389 is required, 0% income tax and very high monthly earnings, at an average of $4,877, means it's quick and easy to put the funds aside. 

Abu Dhabi property is modern, energy-efficient and stylish. Young professionals often look for apartments for sale in the latest high-rise developments, attracted to the great city views and excellent amenities these buildings offer. Abu Dhabi also offers the most generously sized city center property within this list of top cities for youngest first-time buyers, with the median property size an impressive 153 m². 

5. Rotterdam, Netherlands: Age 29

While taxes are high and wages lower in The Netherlands than in other European countries, buyers in Rotterdam are able to take advantage of relatively low property prices. Typically, buyers are paying $5,602 per m² in central Rotterdam. Sensible living costs means it's possible to put around a third of earnings into savings each year. 

Rotterdam, notable as Europe’s largest seaport, features diverse property styles. While there are older homes in the historic canalside properties, there are plentiful apartments available in newer, post-World War II buildings and skyscrapers. 
 

Top Cities with the Oldest First-Time Homeowners

At the other end of the scale, here are the cities from our analysis where it is likely to take the longest to get into the real estate market. In these cities, typical savers are going to be pushing 40 and above before being ready to put down a deposit. 

These cities are generally characterized by their high personal income tax rates, mostly over 45%, and expensive property prices, mostly over $10,000 per m². There are anomalies and outliers, however. Let’s explore the global cities where it’s hardest to achieve home ownership. 

1. Tel Aviv, Israel: Age 58 

Tel Aviv is not the most expensive city in the world to buy property; it fell behind Zurich, Geneva, New York and Singapore in our figures. That said, it is the city where it is likely to take the longest to save for a home. Average earners and savers would take a quarter of a century to save for a fairly small (84 m²) average-priced home in the city center. High property prices, high income taxes and relatively very low wages are behind this estimate. 

Property styles in Tel Aviv are eclectic in style and standards. There are properties in the UNESCO World Heritage-designated Bauhaus-style White City district, characterized by flat roofs and white exteriors, which may be in need of renovation. More modern and luxurious apartments can be bought in the most recent developments at a premium. 

2. Sydney, Australia: Age 52

With its sunshine, beaches and easygoing lifestyle, life in Sydney appeals to many. City center property stock features homes in charming Art Deco buildings and Victorian neighborhoods as well as modern, energy-efficient apartments in new tower districts. 

Sydney is not, however, an easy place to enter the real estate market. With high property prices and taxes competing with a moderate global wage, it takes 29 years to save for a typical deposit, around $297,589, on an average-sized 113 m² home. 

3. London, United Kingdom: Age 49

London holds global appeal with property buyers, with its mix of stylish but small homes (76 m² on average) in heritage properties and modern apartments. Neighborhoods vary greatly in price, with affluent and historic townhouse neighborhoods in central London commanding very high prices, out of reach for most first-time buyers. Higher density neighborhoods offer more affordable housing, often in Brutalist buildings or terraced streets. 

Londoners starting to save for their first property have a long journey ahead of them. With high taxes and moderate wages, it’s hard to put money aside for a deposit. Annual savings represent less than two months’ wages, one of the lowest rates in our analysis. 

4. Vancouver, Canada: Age 46

The typically larger homes in Vancouver, averaging 164 m², are in high demand. This means elevated prices, with a price averaging at $10.087 per m². Even with Canada’s high incomes and moderate taxes, the average down payment in Vancouver at $247,838 typically requires 23 years of saving.

Once prospective buyers have a deposit, most choose homes in high rise buildings as this is the most common property type in Vancouver. However, despite this very modern style of living, Vancouver residents have good access to nature in the city’s prominent parks on the waterfront. 

5. Seoul, South Korea: Age 44

High-rise apartments are the dominant housing type in central Seoul, where residents have great access to amenities like gyms, retail and restaurants. Only 55% of Seoul residents own their homes, a rate that is falling. 

Seoul’s property is very expensive, at $12,828 per m². Hopeful first-time buyers must also overcome the challenge of modest wages ($2,335 per month on average) and high personal income taxes (45%). Even though individuals can save around four months’ earnings per year, it takes over 20 years to put enough money aside for an average deposit. 

6. Tokyo, Japan: Age 43

While property prices are much lower in Tokyo ($5,552 per m²) than in other cities in this list of oldest first-time buyers, it also has much lower average wages at $1,815. Japan has one of the highest personal income tax rates in the world, at 56%, making saving challenging. Restrictive mortgage lending policies also have a hand in preventing younger people from entering property ownership.

Central Tokyo is dominated by high-rise buildings, primarily used for business. The daytime population of the city is seven times higher than its nighttime population. Those living in central areas are generally residing in apartments. Space in Tokyo is at a premium, meaning one-person micro-apartments at less than 25 m² are popular with young professionals.  

Five More Cities Where It's Hard to Become a Homeowner

Several cities echo the problem in Tokyo, in that low property prices for a global city do not result in easy homeownership. In Lisbon, high taxes combine with low incomes to slow savings. High prices relative to income and large down payment requirements cause difficulties in Auckland and two further Canadian cities, Montreal and Toronto. 

In Munich, Germany’s most expensive city for property by a considerable margin, high taxes and modest wages make it difficult to save for the required deposit. 
 

Top Most Expensive Housing Markets

Two Swiss cities, Zurich and Geneva, top the list of the most expensive cities in the world to buy property. Zurich city center property costs a staggering $19,601 per m². This means an average-sized apartment in the city, around 100 m², costs under $2 million. 

Despite these prices, Zurich and Geneva come in at equal 37th place in our table of estimated first time buyer ages, with 14 years of saving required to get into homeownership. This is likely down to high average salaries in Switzerland, around $4,400 per month. 

New York is also notable for its premium property prices at $17,355 per m². New Yorkers earn similarly high salaries and pay less tax than their Swiss counterparts, but it will take them about one year longer to save for a property, with New York’s estimated first-time buyer age at 38. San Francisco is the only other US city to feature in the top 10 most expensive housing markets.   

Singapore is another incredibly expensive housing market. However, Singaporeans benefit from a lower tax rate than other expensive cities at 24% and are fantastic savers, putting an average of 58% of their salary away each year. This means that despite needing more than $300,000 for the typical deposit, it takes 13 years to be financially ready to buy a home in central Singapore. 
 

Best Cities for First-Time Homeowners

We’ve discussed global cities where it's quickest to get into the housing market, but there are other factors that we believe make a city ideally suited to first-time home buyers. Low to zero taxes and high savings rates make these five cities a great place to live and buy a first property.

1. Bucharest, Romania

Bucharest is a beacon for affordability for first-time buyers with its low $2,015 per m²,  18.2% savings rate and just two years of putting money aside to facilitate a property purchase. Consequently, it’s not really surprising that there’s virtually no rental market in Bucharest. Mass sales of apartments after the fall of Communism in the 1990s enabled nearly all Romanians to become homeowners overnight, and a strong culture of property ownership has persisted since. 

2. Budapest, Hungary

It’s possible to own a home at 26 after 3 years of saving in Budapest. $2,677 per m² for city center property offers great value to prospective buyers and a strong 29.2% savings rate enhances the city’s appeal. Life in Budapest also brings the perks of EU citizenship, with great healthcare, education and freedom of movement within the Schengen area. 

3. Vilnius, Lithuania

Picturesque Vilnius is celebrated for some of the best air quality in Europe and for its lush green surroundings. It’s also a great place to start a property ownership journey, with some of the most affordable real estate prices among global cities. As a fast-growing hub for tech and with a low cost of living, Vilnius is ideally suited to aspirational young professionals looking to invest in property, despite its 32% personal income tax rate. 

4. Oslo, Norway

While property is expensive in Oslo, the potential to save 37.9% of a good average income offsets its high prices, which means it could take as little as three years to achieve home ownership. Norway is known for its high standards of living, including access to universal healthcare and excellent free education for all citizens. Oslo offers a vibrant culture, too, but its cold and dark winters may not suit everyone.  

 5. Abu Dhabi, UAE

Zero tax and 42% savings enable first-time buyers to save for a deposit in just six years in the UAE capital. Property prices at around $4,511 per m² for generously sized, ultra-modern homes and off-plan property in Abu Dhabi increases the city’s appeal even more. Great career opportunities, world-class healthcare and a safe environment make Abu Dhabi an excellent place to call home at any age.   

Full Data Table

Here are the full details of all figures used in our analysis, with cities listed in ascending order of the estimated age of first-time home buyers. 

Summary: The Global Homeownership Gap

There’s a surprising disparity between global cities when it comes to the ease of buying a first property. It takes 23 more years of saving in Tel Aviv, our worst-performing city, than in Bucharest, our top-performing city, to enter the property market. 

It’s not all about property prices either. Oslo is an example of an expensive market where it's possible to get on the property ladder quickly in around four years. Yet Oslo’s prices are nearly double Tokyo’s, where it takes 20 years of saving to fund a typical first-time purchase. 

A combination of factors contributes to the ability to get on the property ladder quickly. They include high rates of savings made possible by affordable living, as well as generally lower taxes, combined with property prices and the loan-to-value required to put down a deposit. 

Our analysis puts forward Bucharest, Budapest, Vilnius, Oslo and Abu Dhabi as outstanding locations for first-time buyers. While having very different characteristics as cities, they all offer great affordability on typical salaries and make it possible to save quickly for a down payment.  
 

Methodology 

To assess the feasibility and average age of first-time homeowners across major global cities, we developed a methodology that integrates standardized housing costs with income and savings behavior, providing a clear framework for comparing affordability. 

Housing Costs

We collected the most recent average property prices per square meter in each city and multiplied them by a representative dwelling size to estimate the typical home purchase price. Where necessary, prices were normalized to a per-square-meter basis for consistency.

Deposit Requirement

We applied a standardized deposit share (typically 15–25% of the property value, depending on local lending norms) to calculate the upfront deposit required for a first-time purchase.

Income and Net Savings

Average gross monthly salaries were sourced from OECD and other reputable datasets. To reflect real take-home pay, we adjusted these figures for each country’s personal income tax rate. We then applied the average personal saving rate to estimate annual savings capacity.

Time to Save

The deposit requirement was divided by the annual savings capacity to determine the number of years it would take a typical resident to save enough for a down payment.

Estimated First-Time Buyer Age

Finally, we added the saving period to a standard “start-saving” age (around the early 20s, when individuals typically enter the workforce) to estimate the average age at which residents in each city could feasibly afford their first home. 

This methodology enables direct comparison across diverse housing markets, highlighting both the opportunities and challenges first-time buyers face worldwide.