You have to work for 30 years to buy a minimum wage house.

Even if the citizen saves his salary without spending it, it is not enough to buy a house.

sonorth While there has been a huge drop in the minimum wage in the face of skyrocketing home prices in 3 years, the citizen has to save his 30-year salary without spending a penny to be able to own a home. The comparison between the minimum wage and housing unit prices revealed how wages have melted in the last 4 years. According to the data, while in 2019 the minimum wage was able to buy a 100-square-meter house in 12 years without touching your salary, in 2022 this term increased to exactly 30 years. As of November 2022, the minimum wage, which corresponds to 8.27 square meters of house, decreased to 3.44 square meters.

CAN TAKE PLACE UP TO THE SOFA

Ağbaba said: “The purchasing power of the annual minimum wage is only equivalent to the amount of a sofa that fits in a house. If a minimum wage earner did not eat, drink or touch his salary, he would buy a 100 square meter house working 12 years in 2019, but in 2022 it has increased to 30 years. On the other hand, according to the Central Bank of the Republic of Turkey (CBRT) ‘House Price Index’ data, the unit price per square meter of housing, which was TL 2,931 at the end of 2019, increased to 16,984 TL in November 2022. . Between the years 2019-2022, the unit price per square meter of homes increased by 479 percent. In 2019, the net minimum wage was TL 2,020 and the annual minimum wage was TL 24,240. In this case, the annual minimum wage in 2019 was equivalent to 8.27 square meters of housing. While it could be 12 years for a 1,000-square-foot home in 2019 without spending a cent of the minimum wage, this increased to 14 years in 2020, 18 years in 2021, and 30 years in 2022.

16,984 TL per square meter

Turkey has become a country where accommodation has become almost impossible for both middle-income families and minimum wage earners. According to CBRT House Price Index data for November 2022, the unit price per square meter of houses in Turkey was calculated at TL 16,984. In 2022, the net minimum wage was determined at TL 4,253 and then TL 5,500. In this case, the annual net minimum wage in 2022 corresponded to TL 58,000,518. According to the calculation made on the index, the net annual minimum wage was equivalent to 3.44 square meters of housing in 2022.