To buy a house in Milan you need to work ten years longer than in Genoa

2023-10-19 15:31:57

Bricks of patience. It’s (almost) everyone’s time to “settle down”. Leave moving and precariousness behind. In short, put down roots and open a mutualone of the few stable relationships that characterizes our existence.

Buy a house (“moral event par excellence” according to a beautiful definition by Emanuela Coccia) is in the perception of Italians still among the investments that sooner or later have to be made.

But the purchasing power of Italians is no longer the same compared to the times of the economic boom. L’Tecnocasa Group Research Office he calculated that to buy a house in the first half of 2023 in Italian cities an average of 7.1 years of salary will be needed. An average growth compared to 6.9 last year. The hypothesis, it should be noted, is that the income will be allocated entirely to the purchase of an 85 m2 house.

The map of house prices in Italy

The studio photographs a very diversified geography. To buy a house in Milano 13.4 years are spent, compared to 3.5 Genova. A chasm of ten years of work. The burden on the Lombard capital is the average price of 4219 euros per square meterwhich is not even absorbed by the city with the highest salaries in Italy.

According to the salary map drawn up by Meat Cutters Study Center in 2021 an employee on average of Milano in fact he earned 30,464 euros, more than double the national average which is 12,473 euros.

The scales don’t balance. The relationship between the cost of housing and salaries continues to vary: the former has increased by 40% in eight years, compared to a growth in salaries of just 5%. Milan is thus the city with the highest inequality in terms of income distribution in Italy.

But the purchasing power of Italians is no longer solid elsewhere. Rome is the second most expensive city: you need 9.5 years of salary to be able to afford a house. They follow Firenze with 9.2 years, Bologna con 8,3, Napoli con 7,5, Bari con 5,6, Verona with 5.4 e Torino con 5,2. Palermo e Genovawith 3.6 and 3.5 years respectively and with an average price of 1146 euros per m2 and 1114 euros per m2 are finally the least expensive cities.

Looking to the past the peak prices were reached in 2007, when the average to buy a house in Italian cities was 10 years’ salary. It was the most expensive city at the time Roma, where 14.8 years were needed. Following Milano with 14. After 2007 the average price began to fall but the Milanese capital surpassed the capital in 2019. Since then the increase in prices has not stopped.