New data reveals that nearly one-third of adults under the age of 29 in the Czech Republic continue to live with their parents, highlighting the difficulties young people face in achieving housing independence. The findings signify a significant increase compared to previous years, emphasizing the challenges associated with establishing autonomy in the current housing market.

Housing affordability remains a prominent concern across all age groups. Half of individuals under 50 express their willingness to relocate in search of better housing opportunities, although this inclination decreases as they grow older. The data also indicates that homeowners are more inclined to remain in their current residences as they age.

A recent survey conducted by Seznam Zprávy, a Czech news agency, focused on the state of housing in the country. The survey found that 60% of Czech citizens own their homes, with approximately one-third still repaying their mortgages. Rising housing costs have had a greater impact on renters compared to homeowners.

Furthermore, the survey highlighted the disproportionate effect of high rental costs and expensive property prices on younger individuals. As people advance in age, homeownership becomes more prevalent. However, it is important to note that approximately 15% of seniors still reside in rental properties.

The Ipsos survey, commissioned exclusively for Seznam Zpráv, also revealed that individuals living in smaller towns are more likely to own their homes compared to those residing in larger cities. Additionally, renters are more commonly found in urban areas.

The escalating cost of housing has transformed homeownership into an investment strategy rather than simply a place of residence. This trend is particularly evident among those utilizing mortgages to purchase multiple properties for investment purposes. The situation becomes most problematic when large-scale investors, such as investment funds, acquire thousands of properties simultaneously.

Despite these challenges, a majority of Czech citizens still view homeownership as the ideal way to live due to the stability, financial benefits, and future security it provides.

The survey further highlights that nearly half of individuals under 50 are willing to relocate for improved housing conditions, although this willingness diminishes with age. Nevertheless, even seniors remain open to pursuing better housing options, with approximately 20% expressing their consideration.

The cost of housing remains a significant issue for most individuals, with over one-quarter of mortgage holders describing prices as very high. Renters are even more likely to characterize housing costs as prohibitively high.

The survey underscores the formidable obstacles young adults encounter in their pursuit of housing independence. While housing affordability is a pressing concern for all age groups, it poses a particularly acute challenge for young individuals embarking on their journeys toward independence.

Article by Prague Forum