61% of Europeans own the flat or house they live in

According to a survey conducted by REMAX Europe, Europeans spend 40% of their household income on housing. At the same time, they believe that these expenses are gradually rising. Only 15% of people live alone, six in ten live with their partner, and 39% with one or more children.

The survey on housing conditions and living costs, carried out in 16 European countries, showed that 61% of Europeans own the property in which they live. More than 30% of the 8 thousand respondents said they live in their own house, while 25% of them own a flat. The largest numbers of house owners are found in the United Kingdom, the Netherlands and Italy. Renting is preferred in Switzerland, Germany and Austria. The average amount a household spends on housing costs is 40% of its net income – this also includes rent, mortgage repayments and running costs. As you might guess, there are considerable differences between tenants and owners: people renting a property spend much more than those who own their houses and flats.

Diversity

According to the data, the European property market is very diverse. One in five Europeans declares that they spend about 20% of their household income on housing. In contrast, 9% of residents of the Old Continent say that their place of residence costs them 70 to 90% of that income.

Who do we live with?

The most varied picture of Europe emerges in terms of who we live with under one roof. For most respondents it is a partner, child or parents. 15% of Europeans live alone, mainly in the following countries: Sweden, Germany, Austria and Switzerland. In countries such as Slovakia and Turkey the share of such people is below 5%.

Expensive renting

In the majority of countries, most respondents answered that renting a house or flat is becoming ever more expensive. Interestingly, more than two thirds of respondents agreed with this view in Austria, Finland and Switzerland. In Greece and Spain, on the other hand, only just over 20% of citizens agreed with this statement. Michael Polzler, Managing Director of REMAX Europe, believes that this is above all the result of an ageing population. The higher the average age in a given country, the stronger the conviction that the cost of living is rising.

On average, Europeans spend a maximum of 40% of their net income on housing needs. The Spanish and the British spend the most on housing (50%), and the Swiss and Slovaks the least (30%).

It seems that on the Old Continent an upper limit has been reached as regards the amount that can be devoted to housing. On the other hand, statistics indicate that Europeans would be willing to pay more for their place of residence, provided they had access to better conditions.