22% of Bulgarians had to resort to some kind of loan to cover their housing costs. At the same time, 82% of Bulgarians say they are satisfied with the situation with their housing as a whole, which ranks third in terms of satisfaction in Europe.
A large number of Europeans have no other way to meet their rising housing costs than to cut back on food, according to a new study.
The New Housing Trend Report 2024, produced by the real estate group RE/MAX Europe, shows that more than one in ten Europeans would have to cut back on food and basic daily needs to pay. for the home in the past year reports Euronews.
The consumer survey, which was conducted among thousands of participants, found that housing costs in Europe have increased by an average of 54% over the past 12 months. More than a third of Europeans (37%) say that, although they are doing well and can afford their housing costs, there is still not enough money. Almost a fifth (19%) say they struggle to make ends meet.
On average, European families spend 38% of their income on rent or mortgage payments and utility bills, with the highest percentages measured in Slovenia (43%) and Portugal (42%). However, those living in Switzerland reported a lower burden (30%).
To meet rising housing costs, 80% of people surveyed said they had started cutting back.
About 41% of respondents decided to save on social activities, while 40% reduced their spending on vacations and luxury goods.
About 16% of those who took part in the survey said that they had reduced their food costs, with the highest proportion in Austria and Finland – 26%.
When cutting costs isn’t enough…
At the same time, 15% of Europeans report that they had to resort to some kind of loan to cover their housing costs. This trend is more pronounced in Turkey (32%), Bulgaria (22%) and Romania (20%).
About a third of borrowers chose to finance their housing costs with credit cards, while slightly less – 27% – turned to relatives and friends to get the necessary financing. A quarter of those surveyed used an overdraft, while slightly fewer (23%) chose to apply for unsecured bank loans to cover housing costs.
Amid an uncertain future, nearly half (48%) of respondents in Europe say they expect housing costs to rise further over the next 12 months.
In response to the bleak outlook, a large number of Europeans are considering major changes; a cheaper life would be enough for 32% of people to move to a city or a smaller town, and 24% are willing to move abroad for the same reason. However, about 21% of them are not ready to move at all.
Sustainability is still a low priority in homes
18% of those surveyed in Europe said they struggle to pay their energy bills, with this proportion particularly high in Greece, where 36% of residents have a serious problem ‘ management of energy costs.
Due to already high costs, green home improvements have been put off in many households whose priority is still paying the current bills rather than long-term sustainability.
More than a quarter of those surveyed (27%) are still considering installing solar panels, while slightly fewer (25%) would install double glazing. Rainwater harvesting measures and heat pumps are less of a priority, with only a fifth of people saying they would consider installing them.
Almost half of the respondents said that more government support or subsidies would encourage them to implement energy efficient measures.
Where in Europe are people happy with their housing costs?
Despite concerns about housing costs, housing satisfaction remains high in many parts of Europe.
Residents of the Netherlands and Romania are the most satisfied with their housing situation, where 84% of respondents said they were satisfied. These countries have a relatively high rate of home ownership and a good quality of housing on offer, which could explain the result.
On average, 76% of Europeans are satisfied with their housing. At the other end of the scale are people in Malta, the Czech Republic, Slovenia, Hungary, Turkey, Greece and Ireland.
Dissatisfaction comes from a number of issues, for example the need for more space is a major issue, especially in Poland, where 58% of residents cite this as a reason for dissatisfaction with living conditions , and the European average is 37%.
Price is another major concern – a third (33%) of dissatisfied respondents say their property is too expensive. This indicator reaches 53% in Malta, 48% in Ireland and 48% in Finland.
In addition, almost half of dissatisfied residents in Portugal report problems with dampness or mould, while a fifth cite hygiene and pest issues as their main concern in the Netherlands.
2024-10-26 06:30:00
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