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Home affordability in Italy

Giovanni D'Alessio () and Romina Gambacorta

No 9, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: During the last two decades, house prices in Italy have increased dramatically in real terms, particularly in large towns and cities; the rise in rents has been even more marked. This paper analyses home affordability for households, considering both the rent and the property markets. In particular, it looks at the trends in house prices, rents, household income, cost of loans and other elements affecting the demand for housing (such as population growth). The paper also assesses how widespread home difficulties are among the population, considering the physical and financial aspects, both actual and potential. The role of public housing in helping to the problems is also discussed. Despite the wide diffusion of home ownership, home-related distress affects 20 per cent of Italian households.

Keywords: estate; house affordability (search for similar items in EconPapers)
JEL-codes: D10 R21 J11 (search for similar items in EconPapers)
Date: 2007-07
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