Should you rent or purchase a home? It depends on where you live, says a report from Compare the Market. The report utilized data from OECD and Numbeo to determine and compare each country's average monthly mortgage payment and average monthly rent for a three-bedroom residence. While many factors go into pricing a rental or a home for sale, including the number of bedrooms, appliances, curb appeal and condition, location can be the real determinant. Prices vary from country to country based on factors like the average wage and amount of available properties compared to demand. According to ResearchAndMarkets.com, the global housing market is expected to grow more than 9% through 2027. Residential real estate (RRE) markets, they explain, have been impacted by the COVID-19 pandemic in several ways, including an increase in demand for RRE due to the number of workers functioning remotely. However, increases in unemployment could drive a decrease in demand for RRE in certain markets. The countries Compare the Market found to have the lowest average monthly housing prices include Columbia, Latvia, Hungary and Greece, but Turkey was the most affordable, with an average 3-bedroom rental costing $372 a month, and the average monthly mortgage coming in at just $441. In the slideshow above, we take a look at the countries with the highest rent and home prices, according to Compare the Market.

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