The housing crisis in Greece is no longer reflected only in the relentless rise of property prices and rents. It is now most visibly evident in the daily lives of young people, who are finding it increasingly difficult to secure their own home and establish an independent household. The surge in housing costs, combined with wages that remain low relative to actual living expenses and the rising cost of everyday life, has turned leaving the family home into a goal that for many now seems completely out of reach.
Housing: The second worst performance in the EU
This stark picture is captured most clearly by the latest Eurostat data, according to which Greece records the second highest rate in the European Union for young people aged 25 to 34 who continue to live with their parents. This is an indicator that does not merely describe conditions in the housing market — it reveals just how difficult financial independence has become for an entire generation.
Specifically, 56.3% of young people aged 25 to 34 in Greece are still living in the family home, while the EU average stands at just 30.1%. In other words, more than one in two young people in the country has yet to manage buying or renting a home to live independently. The gap compared to the European average is striking — in Greece, the rate is nearly double. Only Croatia performs worse, where 62.3% of young people remain in the family home. Slovakia follows with 54.3%, Poland with 51%, Italy with 50.7%, and Spain with 50.2% — indicating that the problem is most acute in Southern and Eastern European countries. These economies share common characteristics: lower incomes, more difficult access to the labor market, higher housing cost burdens, and limited availability of affordable homes. At the other end of the spectrum, Northern European countries present an entirely different picture. In Denmark, just 3.9% of young people aged 25 to 34 still live with their parents, while in Finland the corresponding figure is 4%. Sweden follows with 7.5%, the Netherlands with 10.9%, Germany with 13.5%, and France with 14.8%.
The comparison is telling. In Denmark, just one in 25 young people remains in the family home, while in Greece more than one in two does.
Economic factors
This vast divide cannot be explained solely by differing social or cultural attitudes toward family life. On the contrary, it primarily reflects differences in economic conditions, wage levels, access to financing, the existence of social housing, and the overall functioning of the housing market. In most Northern European countries, young people can more easily rent or buy their first home, as they benefit from higher incomes, better access to housing finance, and a greater supply of rental properties. In Greece, by contrast, the housing market remains under intense pressure. In recent years, property sale prices have been rising at a steady pace, while rental increases have been even more pronounced. The limited supply of available housing, heightened investment activity, the expansion of short-term rentals across many areas, and strong demand from both Greek and foreign buyers have significantly narrowed the options for those seeking an affordable home.
The situation is even more challenging in major urban centers. In Athens and Thessaloniki, as well as in areas with high tourist activity, available rental apartments are scarcer, while asking prices have risen sharply in recent years. For a young worker at the start of their career, rent now absorbs a large portion of their monthly income. When you add electricity bills, shared building expenses, transportation costs, and other basic living expenses, independent living becomes an extraordinarily costly choice.
As a result, more and more young people are choosing — or are being forced — to stay in their family home, not because they do not want to be independent, but because economic reality does not allow them to cover the rising cost of housing.
Declining birth rates
The consequences of this reality extend well beyond the housing market. Delayed financial independence postpones the formation of new households, influences decisions such as marriage or having children, and prolongs young people’s economic dependence on their families. At the same time, it also affects the functioning of the property market itself, as demand for smaller homes — which have traditionally been the first choice for young adults — is significantly reduced.
Published in “Kyriakátiki Apogeymatini”.
