What does it take to buy a €1 million home in Europe? The answer depends heavily on where you look. In central Paris, that sum might buy an ordinary flat; near Sofia, it could secure a luxury villa. But across the continent, the income required to afford such a property is consistently far above the national average.
Euronews Business calculated the necessary salary using a standard mortgage scenario: a 20% deposit (€200,000), a fixed interest rate of 3.5%, and a 30-year repayment term. The calculation assumes that no more than 33% of gross income goes toward the mortgage. This yields a monthly payment of €3,592 and an annual payment of €43,108. To stay within that 33% threshold, a buyer would need an annual gross income of €130,631 — or €10,886 per month.
These figures exclude property taxes, insurance, transaction costs, and other fees. Actual lending conditions vary by country and borrower, but the model provides a consistent baseline for comparison across the EU and the wider continent.
Wide disparities in affordability
The number of average salaries needed to afford a €1 million home varies nearly fivefold within the EU. At one extreme, a single worker earning the national average in Bulgaria would need an income equivalent to 7.8 times that average. At the other, a worker in Luxembourg would need just 1.6 times the average salary.
Countries where the required income is closest to the national average include Denmark (2.1 times), Ireland (2.3), Belgium (2.4), Austria (2.5), the Netherlands (2.6), Germany (2.7), Finland (2.8), and Sweden (2.8). Among the EU's four largest economies, Germany fares best at 2.7, followed by France at 3.1, Spain at 4.0, and Italy at 4.1.
Ten EU countries require more than five average salaries. Greece (7.2) trails only Bulgaria, while Hungary (6.7), Slovakia (6.3), and Poland (5.8) complete the top five. Romania (5.8), Latvia (5.7), Czechia (5.2), Portugal (5.2), and Croatia (5.2) also exceed the five-salary threshold. Estonia sits at exactly 5.0.
Two incomes still not enough — except in Luxembourg
For a couple where both partners earn the average salary, the affordability ratio is halved because the calculation uses their combined income. Even so, only in Luxembourg would two average earners fall within the 33% mortgage limit, with a required income equivalent to 0.8 times their combined gross earnings. Denmark comes close at 1.05, while Ireland and Belgium both stand at about 1.2. In Bulgaria, a couple earning average salaries would still need almost four times their combined earnings.
Average gross annual earnings across Europe vary dramatically. According to Eurostat's 2025 data, monthly gross salaries for a single person without children range from €1,398 in Bulgaria to €6,713 in Luxembourg. Monthly earnings exceed €4,000 in Denmark (€5,300), Ireland (€4,708), Belgium (€4,630), Austria (€4,306), and the Netherlands (€4,167). At the other end, seven countries have average salaries below €2,000 — far from covering the €3,592 monthly mortgage payment. Besides Bulgaria, these include Greece (€1,510), Hungary (€1,625), Slovakia (€1,734), Poland (€1,862), Romania (€1,885), and Latvia (€1,904).
The gap between what an average salary can allocate to a mortgage (33%) and the required payment is stark. In Bulgaria, that leaves a deficit of €3,131 each month. Even in the most affordable EU countries, a single average earner cannot meet the threshold.
These figures underscore how housing affordability remains a deeply uneven challenge across Europe. While the economic pressures in Germany and elsewhere may shift household budgets, the dream of a €1 million home remains out of reach for most — unless you live in Luxembourg.
