A third of the average gross salary is not enough to cover the monthly mortgage of almost €3,600 for a €1 million home anywhere in the EU. Luxembourg comes closest, although buyers still need 1.6 times the average salary.
A €1 million home may be an ordinary flat in central Paris or a luxury villa near Sofia. But wherever buyers look, they need an income far above the national average to afford one.
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So how much would they need to earn?
Euronews Business calculated the salary needed using a typical mortgage scenario: a 20% deposit, a fixed interest rate of 3.5% and a 30-year repayment term. It also assumed that buyers would spend no more than 33% of their gross income on the mortgage.
That means a deposit of €200,000 and a mortgage of €800,000.
The calculation does not include property taxes, insurance, transaction costs or other fees, and actual lending conditions vary between countries and borrowers.
The monthly payment is almost €3,600
Under these assumptions, the annual mortgage payment would be €43,108. This equals €3,592 a month.
Since 33% of gross income is set aside for mortgage payments, the buyer would need an annual gross income of €130,631. That is €10,886 a month.
Income levels differ significantly across Europe. This income may be easier to reach in some countries than others. The burden can also vary within a country.
The calculations in this article are based on Eurostat’s 2025 gross earnings figures for a full-time single worker without children earning 100% of the average wage. Since two incomes make a €1 million home more attainable and couples are likely to be interested, the calculations also show how the burden changes for a couple in which both partners earn the average salary.
Buyers in Bulgaria need nearly eight times the average salary
The number of average salaries needed to afford a €1 million home varies widely across Europe. Within the EU, the gap between the lowest and highest figures is almost fivefold.
Average workers in Bulgaria are in the most challenging position, while those in Luxembourg come closest to being able to afford the mortgage. In Bulgaria, a single person with no children earning 100% of the average salary would need an income equivalent to 7.8 average salaries. In Luxembourg, this figure is below two, at 1.6.
The number of average salaries needed ranges from two to three in Denmark (2.1), Ireland (2.3), Belgium (2.4), Austria (2.5), the Netherlands (2.6), Germany (2.7), Finland (2.8) and Sweden (2.8).
Average workers in these countries come closest to being able to afford a million-euro home.
Among the EU’s ‘Big Four’ economies, Germany has the best position at 2.7 average salaries, compared with 3.1 in France, 4.0 in Spain and 4.1 in Italy.
The figure also stays below four in Slovenia (3.7) and Malta (3.9).
Ten EU countries need more than five salaries
To afford a million-euro home, an income equivalent to more than five average salaries would be necessary in ten EU countries. Greece (7.2) closely follows Bulgaria (7.8), giving it the second-highest requirement in the EU.
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 require more than five average salaries. Estonia sits at exactly 5.0, taking the total to eleven countries requiring the equivalent of five salaries or more.
Two average earners qualify only in Luxembourg
For a couple in which both partners earn the average salary, the affordability ratio is halved because the calculation is based on their combined income. In Luxembourg, the required income is equivalent to 0.8 times the couple’s combined gross earnings, meaning two average earners would fall within the assumed 33% mortgage limit.
Denmark comes close, with the required income equivalent to 1.05 times a two-earner couple’s combined salary. Ireland and Belgium both have a ratio of about 1.2, meaning that even the combined salaries of two average earners would not be enough. Under the assumptions used here, however, Luxembourg is the only EU country where two average earners would meet the affordability threshold.
In Bulgaria, a couple earning average salaries would still need an income equivalent to almost four times their combined earnings, still making the home very difficult to afford.
How much are the average salaries?
Average annual gross earnings vary widely across Europe as of 2025 according to Eurostat. For a single person with no children, average gross monthly salaries, calculated by dividing the annual figure by 12, range from €1,398 in Bulgaria to €6,713 in Luxembourg.
Average gross monthly earnings also exceed €4,000 in Denmark (€5,300), Ireland (€4,708), Belgium (€4,630), Austria (€4,306) and the Netherlands (€4,167).
In contrast, the average salary is below €2,000 in seven countries. This is far from covering the €3,592 monthly mortgage payment. Besides Bulgaria, they are Greece (€1,510), Hungary (€1,625), Slovakia (€1,734), Poland (€1,862), Romania (€1,885) and Latvia (€1,904).
Gap between the salary and mortgage
Since the calculation assumes that only 33% of the salary can go towards the mortgage, one average salary is not enough in any EU country for a single person.
In Bulgaria, this leaves a deficit of €3,131. This is the gap between the €3,592 mortgage payment and €461, or 33% of the salary.
In Luxembourg, the shortfall is €1,377, as 33% of the gross salary is €2,215.
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