The future of cities undoubtedly depends on young people and their ability to buy a house. But how many years do young people have to work in order to be able to afford housing, especially with the current macroeconomic scenario in which rates are rising? And which cities are most affordable, in terms of square metres that can be purchased? A survey by Casavo, presented at the latest Forum di Scenari Immobiliari in Rapallo, answers this question, and Victor Ranieri, Country Manager of Casavo, explains it to the microphones of idealista/news.
"Young people are close to Casavo's heart," says Ranieri, who himself is born in 1994, "as they are a large part of our platform's user base. We have found that the issue of affordability is something every real estate operator has to contend with, given inflation and rising interest rates.
What does Casavo's analysis consist of?
We decided to study the situation by analysing two income scenarios, €1,500 per month and €2,500 per month, in five cities (Milan, Rome, Turin, Florence and Bologna), divided into the three central, semi-central and suburban areas and distinguishing between new and renovation properties. The aim was to identify how many square metres can be purchased in the various Italian cities by cross-referencing all these situations.
And what did you discover?
We noticed a strong difference between new and refurbished product everywhere except in Milan. It is therefore evident how Milan is growing and how there is little difference between the centre and the semi-centre thanks to redevelopment projects and efficient mobility, which flattens values. Turin, on the other hand, is the most accessible city for different incomes, in terms of purchasable square metres. Rome offers interesting opportunities on the refurbished product.
1500 euros salary, renovated property
| Milan | Rome | Turin | Florence | Bologna | |
| Centre | Studio flat 20 m2 | Studio flat 22 m2 | Studio flat 43 m2 | Studio flat 29 m2 | Studio flat 32 m2 |
| Semicentre | Studio flat 24 m2 | Studio flat 33 m2 | 2 room flat 68 m2 | Studio flat 34 m2 | Studio flat 33 m2 |
| Outskirts | Studio flat 34 m2 | Studio flat 49 m2 | 3 room flat 83 m2 | Studio flat 41 m2 | Studio flat 43 m2 |
1500 euros salary, unrenovated property
| Milan | Rome | Turin | Florence | Bologna | |
| Centre | Studio flat 21 m2 | Studio flat 30 m2 | 2 room flat 57 m2 | Studio flat 39 m2 | Studio flat 42 m2 |
| Semicentre | Studio flat 27 m2 | Studio flat 38 m2 | 3 room flat 88 m2 | 2 room flat 46 m2 | Studio flat 43 m2 |
| Outskirts | Studio flat 40 m2 | 2 room flat 59 m2 | 4 room flat 108 m2 | 2 room flat 56 m2 | 2 room flat 51 m2 |
2500 euros salary, renovated property
| Milan | Rome | Turin | Florence | Bologna | |
| Centre | Studio flat 32 m2 | Studio flat 37 m2 | 3 room flat 70 m2 | 2 room flat 47 m2 | 2 room flat 53 m2 |
| Semicentre | Studio flat 39 m2 | 2 room flat 53 m2 | 4 room flat 110 m2 | 2 room flat 56 m2 | 2 room flat 55 m2 |
| Outskirts | 2 room flat 56 m2 | 3 room flat 80 m2 | 4 room flat 136 m2 | 3 room flat 67 m2 | 3 room flat 70 m2 |
2500 euros salary, unrenovated property
| Milan | Rome | Turin | Florence | Bologna | |
| Centre | Studio flat 35 m2 | Studio flat 50 m2 | 4 room flat 94 m2 | 2 room flat 62 m2 | 3 room flat 70 m2 |
| Semicentre | Studio flat 44 m2 | 2 room flat 65 m2 | 5 room flat 144 m2 | 3 room flat 75 m2 | 3 room flat 70 m2 |
| Outskirts | 2 room flat 65 m2 | 3 room flat 97 m2 | 5 room flat 176 m2 | 4 room flat 92 m2 | 3 room flat 86 m2 |
What are the variables that determine the affordability of a house for a young person?
There are two drivers for young people to buy a house. On the one hand, how much one has to save and how many years one has to work to be able to afford a house. This is taking into account that a mortgage covers up to 75-80% of the value of the property at most, so the remaining value has to be advanced, and one has to have funds set aside to cope with this, because there are not always family savings to help. The second theme is related to rising interest rates, a trend we have been seeing for some time and which has the effect of triggering a slower and longer decision-making process to finalise the purchase of a home. All this even in the presence of a demand for credit that remains healthy; but of course the higher cost of financing leads to more attention from buyers. This, in market terms, results in fewer transactions and also in a reflection on prices, towards which buyers tend to be more selective.
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