16 July 2021 – A new study by money.co.uk has revealed that citizens of Croatia only spend 20.6% of their monthly outgoings on rent, the 5th lowest percentage spent on rent in the world.
The research looked at the average cost of rent for a three-bed property in over 50 developed nations around the world and compared it to other costs of living for a family of four including food shopping, utilities, transportation, leisure and more.
The country where rent takes up the smallest percentage of your finances is Saudi Arabia, with an average rent that’s equivalent to just €494, while other expenses add up to as much as €2,099 with rent, therefore, occupying just under a fifth of monthly outgoings.
Greece ranks second place and is the European country with the lowest rent to cost of living ratio of 19.73%.
The average rent for a three-bed property here is €526, while other costs such as food, transport and clothing come to about €2,141. Followed by neighbours Turkey, who have similar rent to cost of living ratio, at 20.08%. Croatia was just slightly higher, with a rent to cost of living ratio of 20.6%.
In comparison, Hong Kong was revealed to be the highest spending country on rent when compared to overall monthly outgoings.
The average three-bed property costs an average of €3,220 per month, which is more or less equal to the monthly cost of looking after a family of four, which clocks in at €3,188 on average.
Over 90% of households in Croatia own the house or flat they live in, markedly more than in other EU member states.
Croatia bucked a recent trend of declining home ownership and saw homeownership increase from 88.2% in 2010 to 90.5% in 2019. Croatia is second in Europe behind Romania who has a rate of 96.8%.
All figures used in the study, including average monthly income, were sourced from Numbeo. Only developed nations, as defined by United Nations Development Programme Human Development Index (HDI), were considered for the study.