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Published: 26 June 2015

Housing loans grew only in Åland and Greater Helsinki

Statistics Finland’s statistics on indebtedness show that the average size of housing loan per household-dwelling unit with a housing loan was EUR 94,400 in 2014. Compared with the previous year, the average size of housing loan per household-dwelling unit decreased in real terms by EUR 230. The average size of housing loan was largest in Greater Helsinki, EUR 126,500 and smallest in Northern and Eastern Finland, EUR 79,200. In the Greater Helsinki region, housing loans grew by close on one per cent and in Åland by 1.6 per cent but elsewhere in the country, the average size of housing loans decreased slightly from the previous year.

Average housing loans of household-dwelling units with housing loans in 2002 to 2014, in 2014 money

In 2014, there were 1,380,400 household-dwelling units in Finland that had debt. Thus there were slightly over one-half of indebted household-dwelling units, that is, 53 per cent of all household-dwelling units. The number of indebted household-dwelling units grew by good one per cent from the previous year. All in all, household-dwelling units had EUR 112 billion in debt, or EUR 81,200 by indebted household-dwelling unit. From the previous year, the debt of household-dwelling units grew by close on one per cent in real terms.

One-third of all household-dwelling units, or 873,800, had housing loans. There were roughly the same number of household dwelling units with housing loans as in 2013. Altogether, 299,900 household-dwelling units had study loans, which was four per cent more than in the year before. Altogether, 765,400 household-dwelling units had other debts taken out for consumption and purchases and 79,150 had business loans.

In 2014, there were 129,100 household-dwelling units in Finland that were more than EUR 200,000 in debt. The figure is 4.9 per cent of all household-dwelling units, and 9.4 per cent of indebted household-dwelling units. In 2002, there were only 22,300 household-dwelling units with this much debt, or under one per cent of all household-dwelling units and 1.7 per cent of indebted household dwelling-units, when loans in 2002 are measured in 2014 money. In 2010 to 2014, the number of household-dwelling units with as much debt only grew by close on four thousand.

Most commonly, households of two adults had large debts. Of two-carer families with children, 76,700 household-dwelling units or 17 per cent had more than EUR 200,000 in debt. Of household-dwelling units with two adults without children four per cent or 30,100 household-dwelling units had this much debt. In one person household-dwelling units only 0.8 per cent and 1.3 per cent of single supporters had a corresponding amount of loan.

The amount of interest expenses has varied considerably more than the changes in the stock of loans. The interest expenses were at their highest in 2007 and 2008. In 2008, household-dwelling units paid EUR 5.2 billion in interest expenses or EUR 3,600 per indebted household dwelling unit in 2014 money. In 2014, household-dwelling units' interest expenses amounted to EUR 2.0 billion, which, in real terms, was 2.3 per cent more than one year earlier. Of that, EUR 1.2 billion was interests on housing loans. The amount of interests on housing loans did not grow from the year before, the slight increase in the interest expenses of household-dwelling units was caused by a growth in the interest expenses of other loans. In 2014, the average interest expenses of household-dwelling units was EUR 1,430 per indebted household dwelling unit. Compared with 2002, household-dwelling units paid in real terms nearly one-third less in interest expenses even though their debts have doubled over the same period.

Source: Indebtedness 2014. Statistics Finland

Inquiries: Timo Matala 029 551 3422, toimeentulo@stat.fi

Director in charge: Riitta Harala

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Updated 26.6.2015