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FINANCE & DEVELOPMENT MAGAZINE


HOUSING COSTS MOUNT

MARTA DOROSZCZYK

December 2024

Credit: iStock/Siraphol

English
русский
2 min (413 words) Read

Download PDF

Price rises are piling pressure on the poorest and adding to intergenerational
strife



After retreating during the global financial crisis, house prices have resumed
their relentless rise. Over the past decade, the cost of a home across the
OECD’s mostly high-income countries has risen by 37 percent in real terms,
according to the organization’s analytical house price indicators. Prices are up
16 percent relative to incomes, on average.

Rising house prices are straining relations between the generations, with
younger people yet to get a foot on the property ladder more concerned than
their parents. Sixty percent of OECD survey respondents aged 18–39 said they
worried about housing affordability, compared with 38 percent of those aged
55–64. The generation gap was greatest in Ireland, Canada, and the United
States.

Differences in affordability partly explain stark contrasts in the proportion of
people who own a home, though history, culture, and other factors matter, too.
Homeownership is highest in Eastern Europe’s former communist countries, with 94
percent of Romanians owning their home outright. That compares with just 5
percent of the Swiss.

On average, 16 percent of people rent from private landlords in the countries
the OECD tracks. For the poorest, it can be cripplingly expensive. In Colombia,
82 percent of renters in the lowest income quintile hand over more than 40
percent of their income to private landlords. Its rental market is also one of
the least regulated.

Higher interest rates mean homeowners who have yet to pay off mortgages don’t
have it easy, either. In Colombia and Luxembourg, more than half of the poorest
who own a home spend at least 40 percent of their income on repayment.





MARTA DOROSZCZYK is on the staff of Finance & Development.

Opinions expressed in articles and other materials are those of the authors;
they do not necessarily reflect IMF policy.

RELATED FEATURES

 * The Housing Affordability Crunch
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