Housing Affordability in the Czech Republic: Regional Disparities and Mortgage Accessibility for Model Households

Abstract

This thesis investigates the evolving landscape of housing affordability in the Czech Republic, with an emphasis on regional disparities and mortgage acces- sibility for different household types. Using both static and dynamic models, it estimates the time required to save for a 20% down payment (TTS) and com- pares the maximum affordable property price, based on mortgage repayment capacity, with actual market prices. The results reveal significant regional differences, with Prague and the Jihomoravsk˝ Region standing out as the least affordable due to property prices persistently outpacing income growth. Dynamic simulations incorporating wage and price inflation show that sav- ing for homeownership can take more than a decade in some regions, making ownership increasingly unattainable, especially for single earners and families seeking larger apartments. Decomposition analysis confirms that in Prague, affordability deterioration has been driven more by rapid house price growth than by stagnant incomes. The thesis also examines the role of borrower-based macroprudential regulations, which have enhanced financial stability but unin- tentionally limited access to credit for many households. The study concludes with policy implications, calling for greater price stabilization and substantial...

Táto bakalárska práca sa zaoberá meniacou sa situáciou v oblasti dostupnosti b˝vania v eskej republike so zameraním na regionálne rozdiely a prístup k hy- potekárnemu financovaniu pre rôzne typy domácností. Pomocou statick˝ch a dynamick˝ch modelov odhaduje as potrebn˝ na nasporenie akontácie vo v˝öke 20% a porovnáva maximálnu dostupnú cenu nehnute nosti, ktorú je moûné fi- nancova hypotékou, so skuto n˝mi trhov˝mi cenami. V˝sledky poukazujú na v˝znamné regionálne rozdiely, kde Praha a Juhomoravsk˝ kraj patria medzi na- jmenej dostupné oblasti v dôsledku trvalo rastúcich cien nehnute ností, ktoré predbiehajú rast príjmov. Dynamické simulácie zoh ad ujúce rast miezd a cien ukazujú, ûe sporenie na vlastné b˝vanie môûe v niektor˝ch regiónoch trva viac ako desa rokov, o robí vlastníctvo b˝vania oraz menej dostupn˝m, hlavne pre jednotlivcov a rodiny, ktoré potrebujú vä öí byt. Dekompozi ná anal˝za potvrdzuje, ûe v Prahe bola zhoröujúca sa dostupnos b˝vania spo- jená predovöetk˝m s prudk˝m rastom cien nehnute ností, nie s stagnáciou príjmov. Práca sa taktieû zaoberá úlohou makroprudenciálnych opatrení vi- azan˝ch na dlûníkov, ktoré síce posilnili finan nú stabilitu, ale neúmyselne obmedzili prístup mnoh˝ch domácností k úverom. ätúdia uzatvára politick- ˝mi odporú aniami, v ktor˝ch zdôraz uje potrebu...