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Friday, January 29th, 2016  |  USD: Buy 531.29 / Sell 543.92
20 years

Nearly half of Costa Ricans believe home ownership out of reach

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costa rica home, house

August 26th, 2013 (InsideCostaRica.com) A recent study reveals that 48.9% of Costa Ricans believe that home ownership is out of reach, believing they have little or no chance of owning their own home.

 

The information was revealed as part of a study by the United Nations in cooperation with the Ministry of Planning, which aims to formulate a national development agenda for the next 15 years.

 

The study also reveals that there is a growing perception of economic inequality and increasing poverty in the country.  Some 86% of the population believes that the difference in income between the rich and poor is widening, leading to economic and social gaps in society.

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  • mhogan

    Well! The rich (or perception of, simply because you’re gringo) are getting poor subsidizing the poor. Costa Rica is on the economic-equality path of making everyone equally poor. (does that ring of Communism/Socialism?) The word is out that Costa Rica is going the path of Venezuela. Or, have you heard that if you want to have a million dollars, come to Costa Rica with $5 million and a couple of years later, you still might be able to have $1 million left. More and more I suspect that to be true.

    • disgusted

      That is the old saying “‘He came with TWO million left with ONE million”.

  • disgusted

    Mortgages at 30% and more is a real deal breaker and the ARM as the interest can increase no fix payments.

    In the 1970′s I heard CR had the highest home ownership of any Central American country. In the later 1980 and early 1990′s they stared to sell their homes and then could not find a house they could afford anymore after they spent most the so called windfall. When I lived in Liberia in 1993 I heard many farmers telling me this sad story.

    • michaelwink

      Typical mortgages around 6.5 to 8.0% fix for the life of the mortgage, that can be found with any of the private or public banks in CR. (some will even go as low as 5.5% if you have a preexisting relationship) They offer anywhere from 5 to 30 year terms, and fairly flexible repayment early options.
      Not sure why you’d opt to simply make up complete nonsense. Perhaps you are part of the people that have the “perception” home ownership is out of your reach, as you don’t know the facts or anything close to the facts.

      • turbooperator

        30%, maybe for a credit card.
        6.5-8.0%, maybe 6.5% + TBP
        I really don’t think a bank would offer a loan rate at less than they pay for savings,

        • michaelwink

          Don’t mix up the colony saving rate (9 – 11%), vs the USD savings rate (~3%) Nearly all mortgages over 50,000 USD are in USD.

          • turbooperator

            No mix up, let’s cut to the chase here ,please just provide two links to ‘typical’ banks in Costa Rica that offer a 6.5% mortgage rate in colones to Ticos (or in dollars for that matter, the rate will be the same)

          • michaelwink
          • turbooperator

            OK that’s only one link, and not your typical CR bank (Columbia maybe) and they just quoted me 12.1% . Care to try again?

  • Chris Holt

    As high as prices are it is difficult for one to buy a home but when you are to lazy to show up for work every day it does become really hard. 30% what a joke. Life is tough but it is even tougher when you are stupid.

  • crbob

    The problem in Costa Rica is that everyone has a credit card with interest ranging from 25% to 50%, they spend until they receive their end of year bonus, pay it off and start over again, they will never get out of the hole they are in and the government will not bring the interest down to a reasonable rate…….

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