Nearly half of Europeans say they will never be homeowners
Wednesday 06 December 2017
Nearly half of Europeans (48 per cent) believe they will probably never be homeowners, a new survey covering 13 EU countries, the US and Australia, has found.
The vast majority who own a home are happy with their housing situation (78 per cent in Europe and 69 per cent in the US and 71 per cent in Australia) research from economic analysts ING showed.
A massive 60 per cent of renters in Europe say they would like to own their home which rises to 70 per cent for 18 to 34 year olds, but 48 per cent don’t believe they will be able to do so.
And this sentiment is higher in Australia at 62 per cent, while 56 per cent say the same thing in the UK and Germany.
Ian Bright, senior economist and managing director of Group Research at ING, said: “Most people want to buy a house.
“Their reasons for doing this extend well beyond money, such as security and the freedom to decorate it how they like. Yet many now accept that they are unlikely to buy.
“If you combine this with our findings that a higher proportion of home owners are happy with their housing situation, compared with renters, then it seems that more people will feel incredibly frustrated with their housing choices in the future.”
Despite this, 49 per cent of people in Germany, 47 per cent in Spain, and 46 per cent in the US say that renting offers more flexibility.
The survey also found that 31 per cent of people in the US and 31 per cent in Turkey believe life is much easier when renting.
While people in Luxembourg, Belgium and Romania are least likely to agree that renting is easier, more than a third, across all countries, select ‘neither agree nor disagree’ when asked.
The report suggests that while many people favour owning a home over renting, they also understand the full picture can be a complex one, and there are advantages and disadvantages, whether you rent or buy.
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