I often read that living conditions today have been difficult, that young people with their wages are hard to cope with and that it is impossible for a person with the average salary to have their own home.
That's true.
I asked the question to ChatGPT and the answer was that in 2026 in Greece a two-room 70 sq.m., with an average housing price nationwide (urban areas) of around €2,200–€2,800 per square meter would cost €154,000–€196,000. The average net monthly salary in Greece is approximately between €1.150–€1,300.
So it takes about 130 to 165 average monthly wages, i.e. 11–14 years of salary without any other expenditure.
In Greece, 1980, respectively, the figures show that a typical apartment of 70 sq.m. in a city cost about 1.5 to 2.2 million drachmas. The average monthly employee salary was about $18,000–25,000.
So it took about 75 to 100 average monthly wages, i.e. 6–8 years of salary. I checked the evidence and found it echoed reality. The circumstances have therefore been objectively difficult.
Of course, older people, like me, will remember that in the 1980 ’ s inflation was 15% to 20% and interest rates to close to 30%. This made it prohibitive to borrow for housing purchase.
Today, with inflation of about 3% and bank rates for housing around 4%-5%, the housing market with a bank loan is not an impossible scenario.
Yet, parents acquired homes in the 1970s and 1980s, which for present - day youths seems impossible.
The main reason that today seems difficult to buy housing, except for the rise in real estate prices, is I believe the way of life.
How many out of 10 families in the 1980s had a car? The evidence says in the beginning they had 3 out of 10 and in the late 4th to 5 out of 10. Today 9 out of 10 have at least one car.
In the 1980 ’ s Greek households that took leisure trips abroad were counted on their fingers. Today it is estimated that 35%-50% of households make at least one leisure trip abroad at intervals. In younger people the percentage is higher.
Getting out for food and buying food outside today is a daily habit, while 50 years ago it became more rare.
The holidays within Greece in the 1980 ’ s, for the majority of households, were intertwined with the village of origin, while today most visit, even for a few days, a part of Greece.
I would like to point out that the way of life today has improved and become more expensive, so income is not really enough to invest in private housing.
Yes, well, in the 1970s and 1980s it was easier to obtain real estate with one’s job, but the simple way of life allowed savings.
I remember in the 1980 ’ s, in our home in America Square, summers the usual fruit was watermelon, not melon, for the second was a few drachmas more expensive.
I don't know many today who control the price difference between watermelon and melon...
