Since the €9,000 net income has already been listed here, here is a quote from the current Handelsblatt on the topic of who can still afford home ownership at all:
Yes, the €9,000 is certainly (still?) somewhat exaggerated, but the direction is clear – Q1 22 was still characterized by low interest rates. And even then, the required equity injection was quite high – parallel to the necessary household income.
The numbers for Q2+Q3 22 will be interesting. To keep the installments somewhat manageable, as we can see here in this thread, a good income is mandatory (€6,000+ if you want to stick to the one-third rule) and of course better solid equity.
The combination – solid equity but hardly any income, which has occurred in the past, will likely no longer be applicable. High income, no equity could now be difficult. A 100% financing at 4% is probably not done for properties that still contain several hundreds of thousands of euros of bubble value. For that, external capital is simply too expensive at the prices from the boom. A €700,000 loan becomes tight with the mentioned well over €5,000, as well as with €6,000 or €7,000.
Given the current construction costs, the pressure on land will now become interesting – so far, the values have only gone in one direction. Now the limits of financial affordability have been exceeded for very, very many. This will show whether municipalities, as before, could auction off to the highest bidder, or whether the supply at the current price level already exceeds the potential demand. And then, in the second step – where, under the new conditions, is the new equilibrium – i.e. price level?