Housing affordability study

Dovydas Poderys, Milda Stankuvienė, Daumantas Skinkys, Lukas Baliukonis and Austėja Petrokaitė
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Austėja Petrokaitė: Bank of Lithuania

No 54, Bank of Lithuania Occasional Paper Series from Bank of Lithuania

Abstract: As house price growth accelerated during the pandemic, housing affordability in Lithuania started to deteriorate for the first time in a decade. This trend did not last long and, as price growth slowed down and incomes continued to rise rapidly, signs of improving affordability have already become visible from 2023. Although the deterioration in housing affordability in Lithuania was a temporary phenomenon caused by strong external shocks, it is important that housing policy in Lithuania provides the conditions for a structurally sustainable level of affordability. In this study, the Bank of Lithuania has analysed various indicators of housing affordability and the demand and supply factors that may it. The results of the study have led to four main orientations for sustainable housing policy: to achieve sustainable housing demand developments, a larger and more flexible supply of quality housing, meeting the housing needs of socially vulnerable people, and creating a long-term and common housing policy strategy.

Pages: 53 pages
Date: 2024-07-23
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