Today, being able to own a home seems to be an increasingly difficult goal to achieve for economic reasons. However, this fact varies depending on the country you are in within South America Real Estate Survey in Latin America (RIAL)a study conducted by Financial Research Center of the University of Torcuato di Tella.
According to the website itself University of Torcuato di TellaThe aim of this survey is to “regularly calculate the sales value of a square meter of a typical residential unit in the main cities of the region”. This study is published twice a year and fieldwork is conducted in the last week of March and September every year.
To clarify the calculation of how many years it takes to work in each South American country before being able to purchase a home, the minimum wage in each country was used as a reference in addition to the different property prices depending on the city. The results suggest that square footage in Latin America ranges between $3,166 and that $1,202.
The results of the comparison showed the prices per square meter in Latin American cities. Photo: University of Torcuato Di Tella.
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In which country do you work the fewest years to buy a house?
Ecuador is the country of South America in which fewer years are worked to buy a house, namely only 22 years in total. In addition, Uruguay with 46 years and Peru with 64 years occupy the top three places. The results are valuable information for the real estate and financial markets as well as for analyzing the economy within countries.
If you have saved the full minimum wage for 22 years, you can buy a house in Ecuador. Photo: X/@nmas.
On the other hand, the country is in the region where its residents take the longest to save to be able to purchase a property Argentina, with at least 129 years of savings of 100% of the minimum salary. It should be noted that, In order to have a homogeneous sample, the Financial Research Center of the University of Torcuato di Tella the comparison was carried out in cities with similar characteristics.
Ecuador, which is leading the study, is among the South American countries that increased their minimum wage this year. The Ministry of Labor's decision was made by a ministerial agreement dated December 15, 2023. The South American country's base salary went from zero $450 To $460which saw an increase of $10.
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Although Uruguay is the country in South America with the best minimum wage ($570), is not the country where people work the least to have a home. This situation is due to the high real estate prices in the country. According to the Real Estate Survey of Latin America (RIAL), the price per square meter is Montevideo exceeds that $3,000.
Price per square meter in Latin America
- Montevideo, Uruguay: $3,166
- Mexico City, Mexico: $2,948
- Monterrey, Mexico: $2,621
- Guadalajara, Mexico: $2,535
- Santiago, Chile: $2,499
- Rio de Janeiro, Brazil: $2,401
- Buenos Aires, Argentina: $2,358
- São Paulo, Brazil: $2,283
- Lima, Peru: $2,139
- Panama City, Panama: $1,761.