Eleven fewer square meters is the gap observed between 2020 and 2026 in the 50 main French cities, according to calculations published by SeLoger. Despite an increase in income of around +22% over the period, the capacity to purchase property has not recovered. This increase in income, largely absorbed by inflation and the cost of credit, was not enough to restore the solvency of households.
After the health crisis, very low interest rates supported demand and pushed prices up, particularly between 2020 and 2023, where they were also driven by the search for space and the rise of teleworking. Then the turnaround in the credit market, with rates increased from around 1% to more than 4%brutally reduced borrowing capacity. The correction initiated since 2023 (-1.9% on average) does not compensate for the increase in the cost of credit. In six years, the real estate equation has been completely reversed.
At an equivalent budget, the purchasable surface area has therefore contracted. A household that could aim for around 75 m² in 2020 must now make do with accommodation closer to 64 m², the equivalent of one less bedroom. For many households, this means moving away from the city center or postponing a family project.
Very contrasting local trajectories
The national average hides strong disparities. In almost all large cities, real estate purchasing power remains below its 2020 level. Two cities are exceptions: Paris and Lyon. In the capital, the drop in prices observed in recent years (-8.7% over the period) allows for a slight increase of around 2 m² compared to the low point. In Lyon, where prices fell by -6.7%, the gain reached almost 3 m². Modest improvements in view of the accumulated losses which only partly compensate for the shock of 2022-2023.
In contrast, certain medium-sized towns have experienced a particularly marked surge in prices. In Quimper and Le Mans, where prices have increased by +46.1% and +41.6% respectively since 2020, the accessible surface area has decreased by 41 m². These markets, highly sought after after the health crisis, illustrate the violence of the post-Covid rebalancing.
The tightening of access to credit has also had an impact on the rental market. When the purchase becomes complicated, some households postpone their project and remain tenants, accentuating the tension on the offer and the competition between candidates. A few weeks before the 2026 municipal elections, this decline in real estate purchasing power is becoming a central issue for local elected officials. Because behind the statistics, the reality is concrete: for the same budget, households live in smaller spaces than in 2020.
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