Greece Tops Europe in Rent Payment Struggles

Most recent data from Eurostat reveals that Greece is at the top of the European rankings regarding rent payment difficulties, with approximately 26.1% of Geeks struggling to meet housing payments. This puts Greece at the bottom of the listing among its European counterparts.

Greeks are faced with such challenges mainly due to the sharp increase in property prices combined with stagnating wages. Despite economic recovery in recent years, salaries have remained largely stable or have increased at a very slow pace, while on the other hand housing costs have soared.

This has resulted in a significant portion of the population spending over 40% of their income on rent, a portion considered particularly high by European standards.

Greece’s prolonged economic crisis, which began in 2009, severely impacted the labor market with increased unemployment and a reduction in disposable income. Although unemployment rates have fallen in recent years, many households’ financial situations still remain precarious.

What is more, austerity measures imposed during the years of the economic crisis, slashed social benefits and reduced the government’s ability to financially support citizens, leaving many exposed to the rising rent prices.

A significant percentage of the Greek population was forced to seek alternative sources to face this problem turning to friends, relatives or bank loans to manage rent payments. In 2023, over a quarter of Greeks (26.1%) found themselves in this situation, the highest rate in Europe. Families with children are even more affected, with 26.3% of these households struggling to pay rent.

Compared to other European nations, Greece fares much worse. In France, 24.1% of citizens face similar difficulties, while in Spain, the figure stands at 17.2%. Conversely, countries like Romania (0.3%) and Slovakia (1.1%) report the lowest percentages of citizens struggling with rent, thanks to lower demand and more affordable housing prices.