Half of Netherlands tenants expect they'll never afford buying

Nearly half of tenants in the Netherlands don't think they will ever be able to buy a home, according to an international study by ING among nearly 3 thousand tenants who have never owned a home. 48 percent of Dutch tenants think they'll never buy, compared to the European average of 38 percent, RTL Nieuws reports.

Tenants in the Netherlands who think they will eventually buy a house, largely expect to only do so later in life. Only 6 percent think they will buy a house before they turn 30, and another 6 percent think they'll do so by the time they're 34.

The housing market seems to be more rosy for future homeowners in Spain, Romania and Turkey, where only 17 percent, 21 percent and 25 percent of tenants respectively think they'll never afford buying a home. In Belgium, 45 percent of tenants are negative about every buying a home, and in Germany it is 43 percent.

In the Netherlands, tenants have to deal with changed legislation which means that you have to save up a considerable amount before you can buy a house, Marten van Garderen of ING said to RTL. And saving takes time, especially with the extremely low interest rates. "You therefore see that the age at which Dutch people buy a house is rising," Van Garderen said. Affordability is also an issue. Housing costs increased more than income. 

The researchers also found that tenants in the Netherlands aren't really saving up to buy a home. 89 percent said it is more important to save money for paying off their student debts, traveling, or having children. Only in Austria and Germany do tenants save less for buying a home. 

Tags: