A recent study has placed the Philippines among the least affordable housing markets in the Asia-Pacific region, highlighting a growing crisis for homebuyers.
According to a report from demographic research firm Demographia, the country's housing prices have outpaced income growth, making it increasingly difficult for average families to own a home. The study, which tracks median house prices against median household incomes, found that the Philippines ranks poorly alongside major cities like Hong Kong and Sydney.
In the Philippines, the median house price is more than five times the median household income, putting it in the "severely unaffordable" category. Experts attribute the high costs to limited land supply, rapid urbanization, and insufficient government housing programs.
"The situation is alarming," said a local economist. "Unless there is a significant policy shift, homeownership will remain a distant dream for many Filipinos."
The report also noted that while other Asia-Pacific markets have seen recent price corrections, the Philippines continues to experience upward pressure on housing costs, further widening the affordability gap.