Owning property in Austria is a dream for many natives, but the high cost of real estate often puts this goal out of reach. Flats and houses in new developments typically cost between €2,000 and €3,000 per square meter, making homeownership a significant financial commitment. As a result, renting is the preferred option for most residents, with many even changing jobs to achieve a more sustainable income to cover their living expenses.
Renting: A Common Practice
Finding the right flat in Austria can be a time-consuming process, often taking up to six months. Monthly rental prices for quality accommodations range between €800 and €1,500, which is manageable for someone earning the average Austrian salary of approximately €3,500.
Students, however, adopt a more economical approach by renting shared flats. This arrangement allows them to pay between €300 and €600 per person each month, making it a popular choice among young people pursuing their studies.
Lower Costs Over Time
For those who have lived in Austria for more than three years, the financial burden of housing tends to ease. Long-term residents often benefit from milder rental conditions, including reduced prices. However, newcomers should anticipate living expenses ranging from €500 to €700 per month, ensuring they are prepared for the financial demands of adapting to life in Austria.
While finding affordable housing can be a challenge, understanding the rental market and planning ahead can make the process smoother for both natives and foreigners.