The journey to buying a home is like a good adventure story: there’s excitement, exploration, maybe even a bit of romance. There also has to be some fear, a few enemies to fight and obstacles to overcome.
Yet buying a home seems to be looking more and more like a tragedy. The ING International Survey Homes and Mortgages 2018 – Home Costs and Prices finds that higher proportions now say their countries are on the wrong track with housing issues, as prices go up and the market becomes more crowded.
Across Europe, roughly half of survey respondents (53%) told us their country is on the wrong track when it comes to housing – up from 45% in 2017.
In 2018, 46% of Australians say this. The USA is more evenly split: 37% say the US is on the wrong track and 36% that it’s on the right track.
That’s not to say any of these countries have their rose-coloured spectacles on: the USA (60%) agrees with Australia (75%) and 13 European countries (65%) that it has become harder for newcomers to the housing market to buy a home since 2015.
What’s worse is that, globally, 24-39% of our respondents have seemingly already given up on ever buying. A vast majority fear they simply won’t ever earn enough to buy a home.
Family to the rescue
But people can be great at coming up with creative solutions. One possibility is reconnecting with extended family. The survey suggests that intergenerational living, with more than two generations in one home, is not out of the question for many.
In Europe, 34% told us they would consider the option – although 41% wouldn’t. People living in Australia (42%) or the USA (46%) are more open to the idea.
However, there’s a plot twist. In countries that already have a significant portion of intergenerational homes like Poland (19%) and Romania (22%), most other people would not consider doing the same (46% and 50% respectively).
The housing market may be in crisis in many people’s eyes, but it’s important to distinguish between sentiment and fact. Download our report to delve deeper into how consumers perceive the current housing climate.
This article is related to the ING International Survey: