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Data shows Poles prefer purchasing homes instead of renting them

Unlike the citizens of Western countries and despite the boom in housing prices, Poles still prefer to own their homes than rent them

editor: REMIX NEWS
author: Grzegorz Adamczyk

Unlike the citizens of Western countries and despite the boom in housing prices, Poles still prefer to own their homes than rent them.

In terms of development, Poland is catching up the richer European countries. Nevertheless, the majority of economists still places Poland among developing countries.

The fact that, mentally and economically, Poland is closer to countries such as Hungary and Latvia than Germany and France is shown in the approach to property. This phenomenon, in particular, is clearly shown in Organisation for Economic Co-operation and Development (OECD) statistics concerning housing.

The OECD shows that 70 percent of Poles live in homes that they own which they have inherited, purchased or have taken out mortgages for which they have already paid off. It also shows that 11 percent have their own homes, but they are still paying off their mortgages. Only 5.4 percent of Poles rent apartments.

This data puts Poland in the very top of countries whose citizens prefer to own their homes than rent them. Similar proportions in statistics can also be found in Latvia, Slovakia and Hungary. Bulgaria, Croatia and Romania bet on ownership even more.

The wealthy and more developed West has an entirely different approach to property. Switzerland is an extreme case where just over 4 percent of people outright own their homes. A third of the Swiss own homes with mortgages and 56 percent live in rented housing.

The share of rented homes in Germany and Denmark reaches close to 40 percent. The Netherlands and Sweden can also be found on the opposite side of Poland in the ranking.

Interestingly, the proportions between different kinds of ownership of property are almost even in the United Kingdom.

OECD data also shows another interesting development, which the level of mortgages among citizens. Only 11 percent are paying off mortgages in Poland. Meanwhile, 50 percent are doing so in Norway, followed by the Netherlands, Iceland and Sweden.

Western Europe is becoming more similar to the United States in this matter, since every fourth American owns their own house. Another 40 percent of Americans have purchased a home but are still paying off a mortgage. Close to a third of Americans only rent the homes that they live in.