From 2004 to 2016, the proportion of young people between the ages of 25 and 30 who own their own homes has risen by 25%.
In 2004, 34% of Norwegians in this age groups owned their own residence. At the beginning of 2016, that figure had increased to 42%, according to figures that Statistics Norway (SSB) have prepared for Storebrand.
‘This is a trend we have seen for a long time. Housing prices have indeed risen sharply in recent years, but the sharp decline in interest rates have offset the price increases. The result is that housing costs to income ratio have actually remained at about the same level as they were five, even ten years ago’, said Wenche Martinussen of Storebrand.
SSB figures show that the same trend holds true among the youngest home buyers, aged between 18 and 24. In that category,the proportion of owner occupiers has risen from 6 to 9% during the same period.
Source: NTB scanpix / Norway Today