property
Survey: A good one in five people struggle with housing costs
Higher wages, lower inflation: many consumers have more money at their disposal again. However, some people have problems meeting their housing costs. Tenants in particular are affected.
Thanks to increased wages, slightly fewer people in Germany have problems meeting their housing costs. According to a survey by the direct bank ING, around a fifth (22 percent) of participants find it “difficult” or “very difficult” to pay rent or real estate financing. This is a decrease of four percentage points compared to the survey last year, when a record was reached since the start of the time series in 2013.
Property owners with financing in particular believe they are doing better, writes ING. In the survey, only 12 percent of homeowners with a mortgage found it “difficult” to meet their housing costs. In contrast, more than a quarter of tenants (26 percent) said it was “difficult” or “very difficult” to pay rent.
This is still the second highest proportion since the time series began, explained study author Sebastian Franke. “This reflects the fact that Germany is a renter’s country. A home ownership rate of just under 48 percent means the lowest value in the EU.”
Only a few tenants out of conviction
According to the survey, those who live in rent usually have financial reasons for doing so: 52 percent of tenants say that they cannot afford to buy their own property. 7 percent would be able to do so – but not in the area where they would like to live. According to this, only relatively few people are tenants out of conviction, for example because they value the flexibility and easier moves (12 percent) or do not want to be responsible for repairs (10 percent).
However, the survey also shows that many people can afford their rent “easily” or “very easily”: around 40 percent said this in the representative study, for which the opinion research institute Ipsos surveyed a good 1,000 people online.
Big concerns about living space for children
Housing costs are also a concern for people when it comes to the next generation: more than 80 percent of those surveyed with children are worried that housing may not be affordable or available for their children.
According to ING economist Franke, the proportion of people who have financial problems with housing costs could fall again in 2025 if wages rise. “At the current level, however – like this year – that would be more of a breather than a reason to give the all-clear.”
dpa
Source: Stern
