- Comparethemarket.com.au studied the average cost to renovate a kitchen in 15 countries, as well as each nation’s renovation cost as a percentage of annual income
- Denmark was revealed as the most expensive country to improve the kitchen, where the average cost is USD$42,993 representing around 84% of the average annual income
- Hong Kong is the most affordable country, costing an average of $3,747 and only 13% of the average annual income
New data from Compare the Market reveals the countries where it is most affordable to renovate a kitchen by looking at the average cost of the renovation as well as the cost as a percentage of average annual income in 15 countries.
The results reveal it is most affordable to renovate a kitchen in Hong Kong, where the typical spend is USD$3,747[i] or 13% of the average annual income.[ii]
Portugal came in a close second, costing $4,074[iii] for an average kitchen makeover. When compared to income, Portugal falls a little further behind at almost 24% of a typical salary.[iv]
Singapore, France and Ireland performed slightly better in this area, where cost ratios were all less that of Portugal due to higher average salaries in each country.
The worst performing nation of those analysed is Denmark, where kitchen renovation costs represent the highest percentage of annual income (84%)[v] as well as highest isolated cost ($42,993).[vi]
Following Denmark as the least affordable nation by dollar amount is Switzerland ($35,430),[vii] the USA ($25,000),[viii] New Zealand ($21,450)[ix] and Australia ($18,437).[x]
When it comes to the cost-per-income ratio, Canada and Germany take out second and third place for most expensive (46%[xi] and 44%[xii] respectively), followed by Switzerland (41%)[xiii] and the US (36%).[xiv]
To find the full list of countries and the average cost of a kitchen renovation in each, please visit: https://www.comparethemarket.com.au/home-contents-insurance/global-kitchen-renovations/
About comparethemarket.com.au
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[i] Archiparti – Hong Kong Home Renovation Costs: Complete Breakdown 2020: https://archiparti.co/home-renovation-costs-hong-kong/
[ii] Censsus and Statistics Department – Wages and Labor Earnings: https://www.censtatd.gov.hk/en/scode210.html
[iii] Idealista – How much does it cost to remodel a kitchen? A step-by-step guide to home improvements in Portugal: https://www.idealista.pt/en/news/lifestyle-portugal/2019/05/06/334-how-much-does-it-cost-remodel-kitchen-step-step-guide-home
[iv] Instituto Nacional de Estatístic – Gross monthly earnings per employee have increased by 3.0% in the 3rd quarter of 2019, to €1,220: https://portal-rpe01.ine.pt/xportal/xmain?xpid=INE&xpgid=ine_destaques&DESTAQUESdest_boui=375964241&DESTAQUESmodo=2
[v] Statistics Denmark – The average Dane: https://www.dst.dk/en/Statistik/Publikationer/gennemsnitsdanskeren
[vi] Houzz – 2017 Global Houzz Kitchen Trends Study: https://www.houzz.com/magazine/2017-global-houzz-kitchen-trends-study-stsetivw-vs~93684882
[vii] Cardis Sotheby’s International Realty – How to succeed in your renovations?: https://www.cardis.ch/en/advice?category=technique&slug=comment-reussir-ses-travaux-de-renovation
[viii] Houzz – Kitchen Remodel Cost: https://www.houzz.com/cost/9-cost-to-remodel-a-kitchen
[ix] Data taken from Refresh Renovations: (https://www.refreshrenovations.com.au/project-estimates/basic-kitchen-renovation-cost/) and (https://www.refreshrenovations.com.au/project-estimates/mid-range-kitchen-renovation-cost/)
[x] Housing Industry Association – Kitchens and Bathrooms Report: Past Growth and Future Prospects 2018/19: https://hia.com.au/-/media/HIA-Website/Files/IndustryBusiness/Economic/publications/kb-report-extract.ashx?la=en&hash=99460F69345B2EE6BAE315DC19E4BDD1730A76F9
[xi] Statistics Canada – Income of individuals by age group, sex and income source, Canada, provinces and selected census metropolitan areas: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901
[xii] Statistics Bundesamt – Average gross monthly earnings: https://www.destatis.de/EN/Themes/Labour/Earnings/Earnings-Earnings-Differences/Tables/liste-average-gross-monthly-earnings.html
[xiii] Federal Statistical Office – Wages, income from employment and labour costs: https://www.bfs.admin.ch/bfs/en/home/statistics/work-income/wages-income-employment-labour-costs.html
[xiv] The United States Census Bureau – Income and Poverty in the United States: 2019: https://www.census.gov/library/publications/2020/demo/p60-270.html#:~:text=The%20official%20poverty%20rate%20in,and%20Table%20B%2D5
