Buying a house is increasingly a mirage. Only one in three families can afford it and so 60% of demand falls back on rent. According to the photograph taken by the 17th Housing Report 2024 (analysis by Nomisma, with Crif) inflation has eroded purchasing power in the real estate sector.
Compared to three million families who would like to buy a home in the next 12 months, only almost 1 million (980 thousand families) of these are in the economic conditions to actually do so. This data reflects a difficult economic reality, in which most families are unable to cover essential expenses, let alone the purchase of a home. Even families with an adequate income often see the purchase of a house as a difficult goal to achieve, especially for larger families or singles. Nomisma also detects a change in the climate of trust among Italians. Compared to last year, the perception of the economic situation has worsened and is perceived as uncertain. And so buying a house becomes a dream to be postponed.
Immediate consequence? 60% of the demand is oriented towards rent, a necessary “fallback” for many Italians. In 2024, as many as 59.3% of renting families consider this solution to be the only possible one, an increase compared to 56% last year. Yet, not everyone considers renting to be an obligatory choice: one in four families, among those renting, sees it as a personal choice, often linked to work or family needs. “While waiting for the conditions of access to credit to improve, renting becomes the only viable option for many,” comments Luca Dondi, executive advisor of Nomisma.
In all of this, access to credit is also changing. The percentage of families intending to take out a mortgage to purchase a home is decreasing: from 77.9% in 2023, to 75.6% this year. According to Nomisma, this is a process of “self-selection”, whereby many families, evaluating their economic sustainability, decide not to opt for a mortgage. Meanwhile, banks are showing signs of greater availability towards families: the perception of job stability and credit availability is improving compared to 2023.
The issue of supply and demand also has an impact. The analysis points to a systemic failure to adequately respond to the growing demand for affordable housing. Among owners of multiple properties, only 11% are willing to offer their homes for medium-term rent. For now, buying a house in Italy remains an impossible dream for many.
