BUSINESS

Greeks left out of pocket by housing costs

NIKOS ROUSSANOGLOU

TAGS: Property, Taxation, Economy

Households in Greece spend a greater portion of their income on housing needs than those in any other European Union country, according to a survey by the European Federation of National Organizations Working with the Homeless (FEANTSA).

It found that 42.5 percent of Greek households spend more than 40 percent of their income on covering needs related to housing. The federation stressed that the picture is even bleaker among households whose income is below 60 percent of the average in Greece, as 95 percent of them spend more than 40 percent of their income on housing.

Those expenses concern the Single Property Tax (ENFIA) and mortgage repayments for owners or rent for tenants, plus utility bills, spending on heating etc. It is considered that when this expenditure exceeds 40 percent of income it is excessive and puts households at financial risk.

In euro terms, households spend an average of 440 euros per month on needs related to housing, which is 25 euros less than in 2009, but the drop in incomes in the meantime has been far greater than that.
 

Online