I posted a thread here where I said this – and people assumed I was American and made it sound impossible. Well Im from Europe and here are the numbers:
After taxes I make 2500 Euros/Month. This is more than 3/4 of the population of Western Europe are doing. Most people make around 1800 after taxes.
Yet after paying rent – food – car insurance – fuel – the necessities – I am left with just 600 Euros. Rent is 900 Euros for a barely average apartment – fuel 100 Euros – car insurance – 150 Euros – food 300 Euros. Other insurance – internet – mobile phone – public transportation cards etc etc
Some 400 I save and 200 I spend so that I can have at least some form of life.
With such a saving rate I would need 10 years so save up 50 000 for a down payment. Assuming my car/fridge/everything else doesnt need replacing. Its simply not possible to “buy” a house here with just 10 000 or 20 000 like in the US. No bank would give you a 300 000 loan if you have just some 10 000 or 20 000 in your bank account. To pay of the loan for a 300 000 Euro House – pretty cheap and perhaps 20% of all houses are below this price – mostly in desolate regions and conditions – I would need something like 60+ years.
And 3/4 of the population makes less money than me. Its just unsustainable.