In 2020, the average price of a 10-year old second-hand apartment nationwide was 5.92 times the average income, according to a report by Tokyo Kantei. Housing has become more expensive compared to 2019, which had a multiple of 5.52.
While the average annual income across Japan increased by 0.9% to 4.62 million Yen, the average price of a 70 sqm 10-year old apartment increased by 8.1% to 27.35 million Yen over the same 12 months.
The least affordable area was Tokyo with a multiple of 11.50. The average annual income in the capital was 5.96 million Yen, up 1.4% from 2019, while the average apartment price was 68.53 million Yen, up 6.3% from 2019. The second least affordable prefecture is Okinawa, where an apartment costs 9.58 times the average annual income.
Where is the most affordable prefecture in Japan?
It’s Yamaguchi, where the average apartment costs 3.95 times the average annual income. The average apartment price in this prefecture is 18.45 million Yen, up 0.7% from 2019, while the average annual income is 4.67 million Yen, up 0.9%.
Source: Tokyo Kantei, October 28, 2021.
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