Based on an average house price of $350,000 and an annual average wage (based on $19.79/ hour), you would need to work 17,680 hours to pay for the average house.
This is almost three times more than what was required in 1960. This is based on a 40 hour week, and not allowing for spending or taking into account interest. This equates to 8.5 years
In 1960 the average house price was $6,639 with the hourly wage rate of $1.05 and to pay it off would take about 3 years according to Bernard Hickey of interest.co.nz.
