One in Six Europeans Cuts Back on Food to Afford Housing

According to a report by a real estate agency cited by Euronews, one in six Europeans, or 16%, have had to reduce their food intake and cut back on basic living expenses in the past year to manage their housing bills. More than a third, specifically 37%, stated that while they pay their housing costs, they are left with little disposable income. Additionally, 19% reported that they are barely able to make ends meet. On average, European households allocate 38% of their income to rent or mortgage payments, as well as utilities.

In Slovenia, housing takes up the largest share of income, at 43%, followed closely by Portugal at 42%. In contrast, Swiss families spend only 30% of their income on housing. Despite the variations in costs, a significant 80% of respondents indicated they have had to cut back on other expenses to make ends meet. Specifically, 41% have reduced spending on social activities, while 40% have cut back on vacations and luxury items.

Furthermore, 15% of Europeans have taken out loans to manage their housing costs. Among these, 32% of Turkish respondents reported borrowing, compared to 22% of Bulgarians and 20% of Romanians. To prepare for potential future increases in housing costs, 32% of Europeans are contemplating relocating to smaller towns for more affordable living, and 24% are considering moving abroad. Electricity bills also pose a challenge, with 18% of Europeans and 36% of Greeks expressing difficulty in covering these costs.