Housing Opportunities for Young People in France Have Decreased by 35% in 20 Years
January 29, 2021
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But the mortgage has become much more accessible.
The purchasing power of young French people in relation to real estate has fallen by 20 sq.m over the past 20 years. This is reported by Le Figaro with reference to a study by Meilleurs Agents.
According to the National Statistical Institute (INSEE), the average income of a single person aged 18 to 29 in 2019 was €1,660 per month. In the early 2000s, a young Frenchman with a corresponding income could afford an average of more than 50 sq.m in the largest cities (Toulouse, Lille, Montpellier, Bordeaux and Nantes). Today, they can afford only 31 sq.m. Thus, the available size of living space for young people living in a large city has decreased by 35% in two decades.
The sharpest drop was noted in Bordeaux: 54% or 31 sq.m less! The reason for this, among other things, is the opening of a high-speed railway, which reduced the distance by train to Paris and "blew up" property prices. They have almost quadrupled in 20 years, while in other major French cities they have doubled on average. A similar story is in neighboring Toulouse: prices have tripled, and the purchasing power has almost halved (from 62 to 35 sq.m).
As a result, Marseille became the leader in purchasing power among young people: there it is 40 sq. m. Followed by Montpellier (39 sq.m.), then Lille and Strasbourg (37 sq.m). In the Lower Rhine department, young property buyers were the least affected. For 20 years, they have lost only 4 sq.m due to a more moderate price increase.
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What about Paris? Not surprisingly, the capital has the lowest purchasing power: a young Parisian can only buy a tiny studio of 11 sq. m. In 2000, they could count on more than 20 sq.m. The reason is the rise of prices. At the beginning of the millennium, although Paris was the most expensive city in France, a sq.m cost an average of €2,753. And today you will have to pay more than €10,400 for it.
The good news is that due to a dizzying drop in credit rates, from 6% 20 years ago to 1.1% today, the purchasing power of the French has recovered. "Over the past 10 years, we have seen growth (on average +5 sq.m) in all metropolitan areas of France, except for Bordeaux and Lyon. Borrowing conditions have helped offset rising prices by improving access to housing, " says Barbara Castillo Rico, the Head of Economic Research at Meilleurs Agents.
