The New Housing Trend Report 2024, prepared by the real estate agency Re/Max Europe, reveals that over one in ten Europeans had to cut back on food and essential products in the past year.
The study, which surveyed thousands of consumers, showed that in the last 12 months, housing costs increased by an average of 54% in Europe. More than one-third of Europeans (37%) stated that, although they were able to cover their housing expenses, they were left without additional funds. Nearly one-fifth (19%) mentioned that they struggle to cover all monthly expenses from their salaries.
On average, families in Europe allocate 38% of their income to paying rent or mortgage installments and utility bills, with the highest percentages recorded in Slovenia (43%) and Portugal (42%). However, in Switzerland, the housing burden is lower, representing only 30% of household income.
To cope with the rising housing costs, 80% of respondents have begun to reduce their expenses.
Approximately 41% of participants chose to save on social activities, while 40% reduced spending on vacations and luxury items.
Among those surveyed, about 16% reported that they have cut their food budget, with the highest percentages in Austria and Finland (26%).
However, for some, reducing expenses is not sufficient to cover housing costs.
Thus, 15% of Europeans have been forced to resort to loans to cover these expenses. This trend is more pronounced in Turkey (32%), Bulgaria (22%), and Romania (20%).
About one-third of those who took out loans used credit cards to finance their housing, while 27% sought help from friends or relatives. A quarter of respondents resorted to overdrafts, and 23% opted for unsecured bank loans.
Nearly half (48%) of the surveyed Europeans expect housing costs to continue rising in the next 12 months.
Faced with these prospects, many Europeans are willing to make significant changes: 32% are considering moving to a smaller city, and 24% are open to relocating abroad. However, 21% of respondents do not wish to make any changes.
Among the surveyed Europeans, 18% have difficulties paying their energy bills, with the highest percentage in Greece, where 36% of residents face severe challenges in managing these expenses.
Due to high costs, improvements to eco-friendly homes have become a secondary priority for many families, who focus more on paying current bills than on long-term sustainability.
Over a quarter of respondents (27%) are considering installing solar panels, and 25% would like to install double-glazed windows. Measures such as rainwater harvesting and the installation of heat pumps have a lower priority, with only 20% of respondents considering such investments.
Nearly half of those surveyed mentioned that they would be encouraged to adopt energy efficiency measures if they received greater support from authorities or government subsidies.
Despite concerns about housing costs, satisfaction levels remain high in many parts of Europe.
Especially in the Netherlands and Romania, 84% of respondents reported being satisfied with their housing situation, which can be explained by the high homeownership rate and the good quality of available housing.
On average, 76% of Europeans are satisfied with their homes. At the opposite end are residents of Malta, the Czech Republic, Slovenia, Hungary, Turkey, Greece, and Ireland.
Dissatisfaction arises from various reasons, such as the lack of space, which is a significant issue in Poland, where 58% of respondents mention it, compared to the European average of 37%.
Costs are also a major concern: one-third (33%) of dissatisfied individuals consider their housing too expensive, with higher percentages in Malta (53%), Ireland (48%), and Finland (48%).
Additionally, nearly half of the dissatisfied residents in Portugal reported issues related to humidity or mold, while in the Netherlands, 20% of respondents cited hygiene and the presence of pests as major problems.
