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(H)ausgeträumt: Eigenkapital als Hindernis zum Eigenheim
[Dreaming of a home: Equity as an obstacle to home ownership]

Author

Listed:
  • Amaral, Francisco
  • Staratschek, Gereon
  • Zdrzalek, Jonas
  • Zetzmann, Steffen

Abstract

Die Erschwinglichkeit von Wohneigentum hat in deutschen Städten seit 1980 deutlich abgenommen, mit spürbaren Folgen für Vermögensbildung, soziale Mobilität und Generationengerechtigkeit. Wir betrachten die Erschwinglichkeit aus zwei Perspektiven: die Finanzierbarkeit von Zins- und Tilgungskosten und die Aufbringung des nötigen Eigenkapitals für den nicht fremdfinanzierten Teil des Kaufpreises, Steuern und Nebenkosten. Hierzu kombinieren wir Daten zu Hypothekenkonditionen, Haushaltseinkommen und Immobilienpreisen deutscher Städte im Zeitraum von 1980 bis 2024 und finden, dass sich die Hypothekenzahlungen relativ zum Einkommen über die Zeit nur wenig verändert haben. Im Gegensatz dazu stieg der Eigenkapitalbedarf relativ zum Einkommen deutlich an: Haushalte benötigten 1980-1990 weniger als zwei Jahreseinkommen um den Eigenkapitalbedarf beim Wohnungskauf zu decken, 2015-2024 hingegen mehr als drei. Diese Ergebnisse zeigen, dass eine Fokussierung auf die Hypothekenkosten den Rückgang der Erschwinglichkeit von Wohneigentum deutlich unterschätzt. Stattdessen ist der Eigenkapitalbedarf zur zentralen Hürde geworden und begünstigt Haushalte, die bereits über Vermögen verfügen oder auf Vermögen aus dem familiären Umfeld zurückgreifen können.

Suggested Citation

  • Amaral, Francisco & Staratschek, Gereon & Zdrzalek, Jonas & Zetzmann, Steffen, 2025. "(H)ausgeträumt: Eigenkapital als Hindernis zum Eigenheim [Dreaming of a home: Equity as an obstacle to home ownership]," Kiel Policy Briefs 200, Kiel Institute for the World Economy.
    • Handle: RePEc:zbw:ifwkpb:334522
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    References listed on IDEAS

    as
    1. Philipp M. Lersch & Selçuk Bedük & Enrico Benassi, 2025. "Einfluss der Eltern auf das Wohneigentum der Kinder ist immer noch hoch, geht aber zurück," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 92(44), pages 695-703.
    2. Konstantin A. Kholodilin & Pio Baake, 2024. "Mietbelastung in Deutschland: In den letzten Jahren nicht gestiegen, aber ungleich verteilt," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 91(41), pages 627-633.
    3. Timo Zumbro, 2014. "The Relationship Between Homeownership and Life Satisfaction in Germany," Housing Studies, Taylor & Francis Journals, vol. 29(3), pages 319-338, April.
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    Keywords

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    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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