Monthly rent costs Czechs as much as 80 percent of their monthly net salary, according to Czech TV; the public broadcaster cited numbers from Numbeo.com. In neighbouring Poland and Slovakia, renters have to set aside even more.
For those renting, the situation is not likely to get any easier in the Czech Republic: the rent of three-room apartments, for example, has gone up more than 15 percent over the last two years alone. Right now it is largely a seller’s or rentier’s market: Czech TV reported that it takes real estate agents only around two weeks to successfully rent off apartments, with owners not having to rent to the first-comer but being able to choose from more interested parties, Radio Praha quotes the Czech TV. Read more.
Read also about How are Millennials challenging traditional housing norms? Numerous surveys have shown that Millennials in the United States are more likely to rent than buy, although they do aspire to own their own homes in the near future. Strapped with higher debt due to student loans and struggling with lower starting incomes as a result of the recession, Millennials tend to hold off on big commitments such as marriage and home ownership, resulting in higher demand for rental housing. This has the add-on benefit of facilitating job mobility and travel. According to PWC’s Emerging Trends in Real Estate 2017 report, “analyses of Millennials’ preferences have identified density, diversity, walkability, and transit accessibility as factors in location choice for this 83 million–person demographic cohort.” The traditional block apartments will not attract the new generation. Read more.
Meanwhile, a remarkable number of young adults across Europe are staying or returning to their family home in order to save costs on rent or getting on the property ladder, according to Eurostat data for 2015.
There are a number of factors that contribute to Europe’s youth staying in their childhood homes, including the continent’s continuing difficult economic situation, which has forced people to live with their parents in order to make ends meet. Other aspects include a lack of employment opportunities in highly-skilled work and people studying later in life than the previous generation. Of course, there are a number of social factors that divide the North and South of the continent from each other, including different family structures and religious values. It is not a phenomenon limited to Europe either. Back in May, the Pew Research Centre revealed that for the first time in 130 years, more young people in the United States in the same age bracket live with their parents rather than with partners: 32.1% versus 31.6%, respectively, Euractiv.com wrote.
CBRE has conducted one of the most extensive and detailed global research projects which surveyed 13,000 millennials aged between 22 and 29 across 12 countries. Nearly half (49%) of all respondents surveyed, still live at home with their parents and 74% say that wages are not keeping up with property prices, which is one of the main reasons that they are still living with family. A total of 65% cited the reason they rent instead of buying a property due to financial circumstances.70% of millennials contrary to expectations prefer to shop in a store instead of online and this is unlikely to dramatically change in the future. Read more on that here.
12th February 2021
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