How are Millennials different from Gen Z?
For Millennials and Gen Z abroad, the trend of buying a home jointly with friends or moving in with family seems to be gaining traction. In the U.S., 15% of people in these age groups have bought a home with someone other than their partner, and 48% said they would seriously consider this option.
According to a survey by the Pew Research Center, Gen Z appears less willing to buy a home. They prefer renting and co-living in more sustainable and environmentally responsible housing rather than investing in a traditional house, which requires large investments and a significant environmental footprint. At the same time, the rise of sustainable housing options, such as "green" living spaces and energy-efficient homes, makes renting a more attractive choice for Gen Z, as it allows them to stay true to their environmental values.
What is happening in Greece?
In Greece, however, a large percentage of young people live in overcrowded households that lack enough rooms for their members. In 2023, 46% of young people aged 15-29 lived in such households, compared to 27.5% of the overall population. In the EU, the corresponding percentages are 26% for young people and 16.8% for the total population.
The country's decade-long economic crisis made saving more challenging. Since 2021, property and rental prices have been rising, making buying a property almost impossible.
Ηousing program ‘Spiti mou ΙΙ’
Nevertheless, the strong response to the government program offering low-interest or interest-free housing loans, "My Home," and the current "My Home II" program, suggests that when more favorable terms are available, many more people are interested. Within the first few weeks of the program's application opening, a record number of over 63,400 applications were submitted, mainly from Millennials but also from Gen X and Gen Z, with eligible applicants aged 25-50 based on income criteria.
The homes that can be selected must not exceed a surface are of 150 square meters, must have been built before 2007, and have a contract value of up to a maximum of €250,000. The loans granted can last 3 to 30 years and reach up to €190,000 but cannot exceed 90% of the property's value.
The issue of homeownership is a highly demanding topic for all age groups, so it is essential to always be aware of the options available.
Sources : ΔΥΠΑ, CBS News, Ευρωπαϊκό Κοινοβούλιο, Barron’s, Οικονομικός Ταχυδρόμος