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When asked how long it took them to save on their initial home loan contribution, about a fifth of those surveyed indicated that it took 2 to 3 years. For more than 5 years, the required amount has been saved by approximately 22 percent. Lithuanians who participated in the survey, 15 percent. Latvian and 12 percent. Estonian. Sufficient savings for the initial mortgage loan contribution were immediately 33 percent. In Lithuania, 34 percent. In Latvia and 45 percent. Residents surveyed in Estonia.
“Generally, younger residents, between the ages of 25 and 34, do not have enough savings for the down payment of the mortgage loan. Young people are just beginning to establish themselves in the labor market, their income is lower, so it takes more time to save.
This is a natural cycle: young people are gradually moving from rented housing to their own little old apartment. Mature residents have already accumulated more savings, creating families and looking for ways to buy a more spacious apartment or house, ”said Andrius Kvakšys, director of Mortgage Bank Luminor Bank.
The third most common reason residents avoid buying their own homes is uncertainty about the future. About 25 percent are concerned about how the economy and other global events may affect their financial situation. In Latvia, 22 percent. In Lithuania and 17 percent. Residents surveyed in Estonia.
Rented housing is associated with instability
Luminor’s survey showed that Lithuanians spend the most income on renting homes and Estonians the lowest. Most of the surveyed Lithuanian residents who rent a place of residence spend about 21-30% on it. Monthly household income. Latvians spend between 11% and 20% per month on housing and Estonians less than 10%. monthly income.
Meanwhile, Estonians spend most of their income on paying a monthly mortgage and Lithuanians spend less. About 11-20 percent. uses 28% of monthly income to pay a mortgage loan. In Estonia and 21 percent. Respondents surveyed in Latvia. One fifth of Lithuanians spend less than 10 percent on mortgage payments. monthly income.
About half of the Baltic respondents admit that the main negative aspect of rental housing is instability due to changes in rent (54%) and rental period (52%). Respondents in Latvia and Lithuania are concerned that the landlord may terminate the contract or increase the rent at any time, while Estonians are concerned that the rent may increase at any time and that the rent will be higher in the long run. expensive than buying your own home.
The Luminor Bank survey was conducted in September this year in cooperation with market research company Norstat, during which more than 1,000 people were surveyed. Population aged 25 to 55 in Lithuania, Latvia and Estonia.
