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62% of the Lithuanian population dwells in apartment blocks, while about 38% have private homes or cottages, shows the latest survey by PZU Lietuva Insurance Company, released this Tuesday.

The survey also reveals that Lithuanian residents choose to move to a private home after reaching 35 years of age, but moves back to an apartment residence after retirement.

The official retirement age in Lithuania is 65 years.

“Private homes are more common among middle-aged families, who also represent more prosperous business people and high-skilled employees,” says PZU Lietuva’s Director of Products and Risk Management Department Edvardas Skupas.

“In rural areas, too, more people live in private homes than in apartments, but the socio-economic roots of the trend in the countryside are different.  In any case, the overall number of Lithuanian residents living in an apartment is much larger than those dwelling in a private home,” notes Mr. Skupas.

According to him, people choose to move into a private home when they reach 36-45 years of age. The trend is reversed at the retirement age, mainly due to people’s narrowing financial capabilities and the change in family composition, as grown up children prefer to leave their parent’s house.

The survey has shown that 43% of Lithuanians are satisfied with their dwelling; still, the majority would like to change it into a newer and more economically cost-effective residence.

Source: delfi.lt.

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