News Local 2% of Cypriots spent minimum of 40% of income on housing

2% of Cypriots spent minimum of 40% of income on housing

In 2018, only 2% of Cypriots lived in households overburdened by housing costs, the second lowest rate in EU and well below the EU 27 average of 9.6% according to figures published by Eurostat on Wednesday.

In contrast, the corresponding figure in Greece was 39.5%, which was the highest among the EU 27.

Housing costs are often the largest costs households have. When housing costs are high or increase, this may lead to other expenditure (possibly for other basic needs) being postponed or cancelled.

Many households have experienced steep falls in their disposable income during the current coronavirus pandemic, due to e.g. unemployment, furlough, reduced working time or less clients or turnover. Housing costs are generally fixed in the short term, and will inevitably leave less for other costs when the household’s income falls.

9.6% of the EU population spent 40% or more of their household income on housing 

Housing affordability may be analysed through the housing cost overburden rate, which shows the share of the population living in households that spend 40% or more of their disposable income on housing.

The housing cost overburden rate for the EU was 9.6% in 2018. However, there were large differences between the different EU Member States.

In 11 Member States, less than 6.0% of the population lived in households being overburdened by housing costs. It was particularly rare to experience such problems in Malta (only 1.7% of the population) and Cyprus (2.0%).

In contrast, the housing cost overburden rate stood at 10% or more in Romania, Germany, Denmark and Bulgaria; the overburdening was most widespread in Greece, where 39.5% of the population lived in households spending more than 40% of the disposable income on housing.

These differences may, at least partially, reflect differences in national policies for social housing or public subsidies and benefits provided for housing.

Source dataset: ilc_lvho07a

Top Stories

2nd arrest on cannabis nursery case, man found with 15 thousand euro in apartment

  Authorities have remanded a second man in custody, a 34 year old from Limassol, in connection with the case of a cannabis nursery discovered...

Armed robbery at Limassol bakery

  A young man got away with 500 euro from a Limassol bakery last night under threat of a knife. Wearing dark clothes, the hooded man...

Storms and hail for much of the day, snowfalls on Troodos, clear later

  The met office issued yet another warning in the early hours for powerful storms and hail, as a low pressure system continues to affect...

She caused an accident under the influence of drugs and alcohol

A 39 year old woman was arrested after she caused an accident last night in a Nicosia area and was found to be intoxicated...

Drop in new covid cases and hospitalised, 202 and one death

  Cyprus recorded one covid-19 death over the past 24 hours, raising the number of victims to 167, 111 men and 56 women with an...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...