Munich. Life in Munich is expensive - not only with the rent and supermarket. A study has worked out how long you should save up to buy a house in Munich.
Prices in Munich are the highest prices in Germany - for living, for eating at the restaurant, even buying produce in the supermarket. But Munich citizens get the highest salaries than in many other states, argues Die Tageszeitung newspaper. It reports a study conducted to find out how long people should save up for to buy own house.
The Association of Private Building Sparkasse Banks has examined living prices. They took the average prices charged for a second-hand house in all cities and compared them with the respective annual income. Exactly ten annual incomes Munich citizens have to pay for a used semi-detached or terraced house. A purchase price the experts have stated is 392 000 euros - which for the Munich-based house, though, seems pretty cheap.
Nevertheless, the city is thus playing a leading position: you need to save up longer only in Regensburg with 10.8 years and Garmisch-Partenkirchen up to 10.6 years. Nationwide, the citizens need to shell out an average annual income of 5.6 times their salary.