Average Home Worth NIS 1.65 Million

YERUSHALAYIM -
Construction work on new homes outside Afula. (Nati Shohat/Flash90)

The average home in Israel is worth NIS 1.65 million, the Central Bureau of Statistics said in a report of end-of-year statistics. A total of 67.6 percent of Israeli families live in a home that they own – a percentage that is lower than that of families on average in the European Union.

Forty percent of those who own homes also owe the bank mortgage money. The average monthly mortgage payment is NIS 1,260. That number seems low compared to the total value of homes, the CBS said, as it takes into account mortgages that were issued decades ago, when home prices were still low.

More than a quarter – 26.7 percent – of Israeli families rent their homes, with the average rent NIS 3,000. The statistics did not account for 5.7 percent of families, and the CBS did not supply information about their living circumstances.