Young people in Cyprus face one of the lowest housing cost burdens in the European Union, a favorable situation that’s closely linked to the cultural trend of living in the parental home for longer than the EU average. According to data for 2024 released by Eurostat, only a tiny fraction of young Cypriots live in households that are financially strained by housing expenses.
The Housing Cost Advantage
The report found that just 2.8% of young people aged 15-29 in Cyprus live in households that spend 40% or more of their disposable income on housing—the official measure for “housing cost overburden.”
This is one of the best rates in the EU and stands in stark contrast to the EU average of 9.7%. The financial pressure on young people is significantly higher in countries like Greece (30.3%) and Denmark (28.9%), which recorded the highest rates.
The Link to Living Arrangements
Eurostat’s data shows a clear connection between these low costs and the living arrangements of young Cypriots, who tend to leave the parental home at an average age of 27.2 years. This is a full year later than the EU average of 26.2 years.
This trend of remaining at home longer is common in several southern and eastern European countries, with young people in Croatia (31.3 years) and Greece (30.7 years) staying the longest. In contrast, young people in Nordic countries like Finland (21.4 years) and Denmark (21.7 years) tend to gain independence much earlier, often coinciding with higher housing cost burdens.
Source: Stockwatch.com.cy