2023-10-12 10:00:00
Belgians spend on average nearly 30% of their income on their home: around 12,350 euros/year. But how many years do we have to work today to afford a house or apartment? How many years did you have to work 30 years ago?
In three decades, housing prices have literally soared. Let’s take a house and an average salary. In 1993, if you spent your entire salary on buying that house, you would have had to work six years and three months before you might afford it. In 2023, this same average house will cost you double the time: 12 years and six months of salary.
And it’s even more obvious if you take an apartment. Thirty years ago, an apartment meant two and a half years of work. Today, this apartment is equivalent to eleven years and three months’ salary, more than four times as much.
On average today, a Belgian household spends around 12,350 euros per year on their housing. If we look at the annual bill in detail, we work five months to pay our rent or mortgage, three weeks for energy, seven days for water and waste collection and one week to maintain our home.
housing purchasing power
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#years #work #buy #home
