Belgium (The Brussels Morning Newspaper): Young adults face the toughest economic challenges since 2008, with rising housing costs forcing them to spend over 30% of their payments.
In 2022, many young individuals between 18 and 30 were purchasing homes due to the high cost of living, which led to a slowdown in the housing market. But now, it’s hard for people in their twenties and thirties to buy their first home in the last 15 years. It has been reported that young adults have been facing a difficult money situation since 2008. The CEO, John Romain, mentioned that mainly folks born after 1985 are struggling with a housing crisis.
Are Young Adults Facing a New Housing Crisis?
The company checked how much money people used to pay for their homes. If it’s more than 30%, they’re in trouble. In 2023, young homeowners under 25 spent 34.3% of their salary—the highest since 2008. For those aged 26-30, it’s tough right now, with the highest payment pressure in over 20 years. Even though they earn more, they still pay about 34% of their payment. And for homeowners in their 30s, they spend around 32% of their income repaying their home loan—the highest in 15 years.
Ten years ago, the average 25-year-old buyer made about €2,800 a month, which increased to €3,500 in 2023 (+25%). However, the cost of their first home increased by 38% during the same period. For those aged 25–30, income rose by 25%, but the price of their first home increased by 33%. The property market has become too expensive for young people, showing in the average age of first-time buyers.
