Economy
Misery Indices — G20
The Misery Index (Arthur Okun) sums the unemployment rate and inflation rate — a quick gauge of economic discomfort. Each chart shows that Classic index alongside Neo-Misery, which adds a house-price-to-income affordability component, so the gap between the two lines is the housing burden. One chart per G20 economy; the legend on each makes the two lines explicit.
Method
Classic (V1) = unemployment rate + CPI inflation YoY — Okun’s misery index. Neo-Misery (V2) adds a house-price-to-income ratio from official house prices and the fastest official wage series (or GDP per capita where wages are not published). Lower-frequency legs are stepped forward, never interpolated. A country without an honest official housing ratio is V1 only. G20 coverage; lower is less “misery.” All series from national statistics offices, central banks, and land registries.
Argentina
Gap = house price ÷ income per capita (per 100 m² home) · monthly
As of Sep 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
Australia
Gap = house price ÷ income per capita · monthly
As of Aug 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
Brazil
Gap = house price ÷ income per capita · monthly
As of Oct 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
Canada
Gap = house price ÷ income per capita · monthly
As of Sep 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
China
Gap = house price ÷ income per capita (per 100 m² home) · monthly
As of Oct 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
France
Gap = house price ÷ income per capita (per 100 m² home) · monthly
As of Oct 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
Germany
Gap = house price ÷ income per capita (per 100 m² home) · monthly
As of Oct 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
India
Gap = house price ÷ income per capita (per 100 m² home) · monthly
As of Aug 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
Indonesia
Classic misery (left) vs real house-price index, rebased=100 (right)
Real house prices (index, RHS) Q1 2026 · Classic: u/e + inflation Oct 2026
- Classic: u/e + inflation
- Real house prices (index, RHS) (RHS)
Date
Italy
Gap = house price ÷ income per capita · monthly
As of Oct 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
Japan
Gap = house price ÷ income per capita · monthly
As of Sep 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
Mexico
Gap = house price ÷ income per capita · monthly
As of Sep 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
Russia
Gap = house price ÷ income per capita (per 100 m² home) · monthly
As of Oct 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
Saudi Arabia
Classic misery (left) vs real house-price index, rebased=100 (right)
Real house prices (index, RHS) Q2 2026 · Classic: u/e + inflation Aug 2026
- Classic: u/e + inflation
- Real house prices (index, RHS) (RHS)
Date
South Africa
Classic misery (left) vs real house-price index, rebased=100 (right)
Real house prices (index, RHS) Q1 2026 · Classic: u/e + inflation Sep 2026
- Classic: u/e + inflation
- Real house prices (index, RHS) (RHS)
Date
South Korea
Gap = house price ÷ income per capita · monthly
As of Nov 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
Turkey
Gap = house price ÷ income per capita (per 100 m² home) · monthly
As of Nov 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
United Kingdom
Gap = house price ÷ income per capita · monthly
As of Sep 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
United States
Gap = house price ÷ income per capita · monthly
As of Oct 2026 · Monthly
- Classic: u/e + inflation
- Neo-Misery: Classic + Housing Affordability
Date
Latest snapshot
| Country | Classic (V1) | Neo-Misery (V2) | Housing ratio | As of |
|---|---|---|---|---|
| Argentina | 41.2 | 57.7 | 16.5× | 2026-09-01 |
| India | 9.8 | 46.6 | 36.8× | 2026-08-01 |
| Turkey | 37.9 | 43.4 | 5.5× | 2026-11-01 |
| Australia | 8.6 | 19.6 | 11.0× | 2026-08-01 |
| Canada | 9.4 | 18.3 | 8.9× | 2026-09-01 |
| Russia | 8.5 | 17.4 | 8.9× | 2026-10-01 |
| Italy | 11.2 | 16.9 | 5.7× | 2026-10-01 |
| France | 11.6 | 16.6 | 5.0× | 2026-10-01 |
| China | 6.0 | 15.6 | 9.6× | 2026-10-01 |
| South Korea | 5.5 | 15.4 | 9.9× | 2026-11-01 |
| Brazil | 9.9 | 14.8 | 4.9× | 2026-10-01 |
| United Kingdom | 8.0 | 14.2 | 6.2× | 2026-09-01 |
| Mexico | 6.0 | 13.4 | 7.4× | 2026-09-01 |
| United States | 7.9 | 12.3 | 4.4× | 2026-10-01 |
| Germany | 6.8 | 11.5 | 4.7× | 2026-10-01 |
| Japan | 4.5 | 11.5 | 7.0× | 2026-09-01 |
| South Africa | 38.0 | — | — | 2026-09-01 |
| Indonesia | 8.0 | — | — | 2026-10-01 |
| Saudi Arabia | 4.9 | — | — | 2026-08-01 |
