How much does housing cost for Greeks? Almost half a salary to live in a house
Housing became less affordable for Greeks between 2018 and 2021, as almost a third of households spent more than 40% of their income to cover this basic need, according to a study published in the latest issue of the Bank of Greece's Economic Bulletin.
Referring to the latest available Eurostat data for 2023, Greece is in the most difficult position among European Union member states in terms of affordable housing.
For example, in Greece, almost 1/3 of households in urban areas spend over 40% of their disposable income to cover housing costs, including utility bills, rent, loan payments and fiscal charges.
In a context of rising property prices and energy costs, as well as high borrowing costs, housing is gradually becoming more expensive, making it even less affordable for domestic households. At the same time, public spending on housing, as a percentage of GDP, is among the lowest among EU Member States.
On the one hand, Greek households are being forced to adjust their consumption patterns, given that housing demand is generally inelastic. On the other hand, it is becoming increasingly difficult to accumulate wealth through savings, which has direct effects on investment in the real economy, as well as in the financial system.
The percentage of households that spend 40% or more of their disposable income to cover housing costs and therefore do not have access to affordable housing, according to the study, is higher in urban areas compared to semi-urban and rural areas.
A key difference is the structure of households by tenure status (ownership or rental), as there are more renters in urban areas than in semi-urban or rural areas.
At the regional level, but also for the two largest urban centers, the rate of housing cost overburden exhibits greater fluctuations than the average rate of expenditure, suggesting that more difficult access to affordable housing may also affect income inequality.
Specifically, in regions such as South Aegean, Epirus, Attica, Thessaloniki and Central Macedonia, the highest percentages of households without access to affordable housing are observed.
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