For young people, living independently is almost unthinkable!

For most people, becoming independent means finding a job and moving out of their parents\‘ home. Nowadays, however, this is practically impossible for a large number of young people. Many have no choice but to stay with their parents. Half of young people in our country live with their parents between the ages of 20 and 30. But it\’s not that they like it. As a rule, they really want to leave the nest, but unfortunately, they cannot afford to buy their own home.

They are most frustrated in Prague. For young people, buying their own home in the capital is a utopian dream. At current Prague real estate prices, buying your own home is an investment that seems like a terrifying, even frightening experience, one that may not even be worth it. A large number of young people are leaving Prague in order to obtain a mortgage with monthly payments that will be affordable for them in the future. However,
if you cannot get a mortgage, you can live in rented accommodation. Of course, you have to take into account that renting will cost you more than owning your own home, and on top of that, you are essentially giving money to a stranger. According to a survey by Partners, renting costs CZK 1,800 more per month than owning your own home. Over twenty-five years, which is the usual period for paying off a mortgage, that amounts to more than half a million crowns. It is true that, despite these calculations, it is mainly people with lower incomes who live in rented accommodation. And these lower incomes are burdened by a higher proportion of housing expenses each month than if they lived in their own home.

The survey also shows that up to 37 percent of household income goes toward renting, while those who own their own homes spend approximately 27 percent of their income on housing.
Company representatives also stated that, according to financial literacy rules, people should ideally spend 30 percent of their income on housing. However, this includes rent, mortgage payments, water, electricity, gas, and various other property-related fees.