This measure compares house prices with income to calculate the affordability ratio
The ratio of house prices uses published data which calculates the lower quartile house price compared to the lower quartile gross annual (where available) residence-based earnings.
Also available are the ratios for median house prices and earnings along with ratios based on workplace earnings. See the Office for National Statistics for the complete dataset.
Shropshire is a desirable county to live in and consequently house prices are higher than the national average. Economically the workplace pay in Shropshire is lower than average due to the high employment rates in sectors which usually attract lower wages; agriculture, care, retail, tourism and leisure. Residents of Shropshire have higher than average skill levels and are able to attain higher wages by commuting to surrounding areas. As a result the average resident salary is similar to the West Midlands but remains lower than the national average.
As a result of higher house costs and lower workplace pay, compared to national figures, the affordability ratio of houses is higher than average in Shropshire. A house in the lower quartile of cost is currently (2020) 7.58 times greater than the salary of a Shropshire resident in the lower quartile of earnings.
Gross annual lower quartile earnings - £21,095 (April 2020 survey published Autumn 2020)
Lower quartile house prices - £160,000 (Sept 2019 - published March 2020)