Eight out of 10 Greeks in the age bracket 20-29 live with their parents, according to data just released by the European Statistical Agency Eurostat.
Greece comes second behind Italy in the EU where such a high proportion of young people share their parents’ house.
Eurostat shows that people aged 20 to 29 living with their parents in Greece is at 78 percent. In Italy, it’s 80 percent. Spain and Portugal follow Greece in third and fourth place with 77 percent and 76 percent respectively.
Adults in the EU leave their parents’ home at the age of 26 on average, according to the Eurostat data.
Nordic countries Norway, Finland, Sweden, and Denmark have the lowest rates, all below 20 percent. For example, in Denmark, only 10 percent of this age category lives with their parents. Sweden is at 12 percent and Finland is at 13 percent, way below the EU average.
Cost of living force Greeks to stay with parents
The cost of housing in many Mediterranean countries has risen significantly. Rent prices, particularly in urban areas, are high relative to average incomes. Many young people struggle to save for deposits or mortgages, making it more practical to stay with their parents until they can afford to live independently.
In Greece for example, housing is out of reach for many as it takes 11 years for a worker with an average salary to acquire a 20- or 30-year-old apartment of 60 square meters in Athens.
Just three years ago, 8.5 years of salaries were required for the same property, which is in line with the European average.
An analysis by Cerved Property Services, analyzing data from Ergani and UBS, shows that Athens is among the most expensive cities to buy a property as regards the purchasing power of households.
According to the report, in 2018 the average selling price of a residence in Greece was 175,000 euros, while the average monthly salary was €1,071. By 2023 the average selling price of a home had shot up by 57 percent to €274,831, while, on the contrary, the average salary in the same period had increased by only 19.5 percent.
While some of Greeks’ income is understated, as more than 50 percent declare an income of less than €10,000, salary earners in particular have seen their purchasing power decline dramatically, even after the recent salary raises.
Unemployment and culture
High unemployment rates and economic instability, especially after the 2008 financial crisis and the European debt crisis, have made it difficult for many young people to afford independent living. Greece, in particular, has faced a prolonged economic recession, resulting in limited job opportunities and low wages for young adults, which makes moving out financially challenging.
But overall in Mediterranean societies, living with family is common and accepted, especially for young adults. This contrasts with the emphasis on independence found in Northern European and North American cultures.
Many young adults in the Mediterranean are delaying marriage and family formation due to economic uncertainties and changing lifestyles. As a result, the traditional trigger for leaving the parental home—getting married—happens later in life, extending the time young people spend living with their parents.
