Overburdened Europeans Return To Parental Nest

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According to recent findings by the European Commission, people in Denmark and Greece are the most overburdened with housing costs. Overburdened is defined as people spending more than 40% of their income on rent, mortgage payments, and other living costs associated with their home. Twenty-nine countries were surveyed revealing the U.K. as the third most overburdened with one in six (16%) residents spending 40% or more on housing costs. In Portugal the figure was 4.2%, while in Spain it was 11.2%, in Italy 7.5%, and in France 5.2%. The U.K.’s high figure is blamed on a lack of affordable housing. The average age of first time house buyers in the U.K. is now estimated between 37 and 40. Some U.K. property project-management companies are predicting a property boom in the UK in two years time, hoping to net all the old fledglings leaving the parental nest.

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About Author

Lucy Culpepper

Lucy Culpepper has traveled to, written about, and worked in some 30 countries. She is originally from Wales in the United Kingdom, has lived all over the UK, in southern California, Spain, and France and has spent extended time in Mexico, Panama, and Costa Rica.