Housing cost overburden rate - Romania percent 60  1st  50  47% 44.9%  40 24%  30 20 10 0 2007  2008  2009 1st Q  2010 2nd Q  2011  2012  3rd Q  2013 4th Q  2014  2015  2016  5th Q  Note: percent of population with costs more than 40 % of disposable income Costs include rental or mortgage interest payments , cost of utilities such as water,  Source: Eurostat  Figure 11. Savings behavior in Romania - 2016 percent 100 90  82.7  80 70 60 50  34  40  25.9  30  19.1  20 6.6  10  14.4  11.6 2.9  2.5  0.3  0 EUR 0-2,200  EUR 2,200-11,000  EUR 11,00022,000 % in total number of depositors  EUR 22,000100,000 % in total deposits  >EUR 100,000  Source: BDGF  9  Figure 12. Access to mortgage loans percent 14  12.3  12 10 8 6 4.0  4 2  2.0  1.5  0.9  0 1st q. 2nd q. 3rd q. 4th q. 5th q. Note: Share of households with mortgage loans in total households, by income quintiles Source: Ministry of Finance, Central Credit Registry, Credit Bureau  Figure 13.
Policies are needed to address the structural strains in the demand side (at household level), while structural reforms are still needed on the supply side as well. 1  Voinea, L. and Monnin, P. (Feb. 2017), “Inequality Should Matter for Central Banks”, Blog of the Council on Economic Policies, https://www.cepweb.org/inequality-should-matter-for-central-banks/  4  Figure 1. Home ownership percent 100 90 80 70 60  50 40 30 20 10 0 RO LT SK HU BG PL LV EE CZ ES SI PT CY FI  IT BE IE SE NL UK FR DK AT DE  Source: ESRB Report on Vulnerabilities in the EU residential real estate sector - 2016  Figure 2. Household gross debt-to-income ratio  Figure 3. Household mortgage debt-to-income ratio  Source: ESRB Report on residential real estate and financial stability in the EU, 2015  5  Figure 4. Overcrowding - Households with dependent children RO  70 LV PL  overcrowding %  60  BG  HU SK  50 IT  LT  40 CZ  30  AT  EE  20 DE  10  DK  SE  UK FR NL  IE BE  55  60  65  70  SI ES  FI CY  0 50  PT  75  80  85  90  95  100  homeownership % Source: Eurostat  Figure 5. Average no. of rooms per person No.