Why many Greeks still feel poor despite economic recovery
Despite headline-grabbing economic growth and Greece’s return to investment-grade status, many Greeks continue to feel financially squeezed—and recent data from Deutsche Bank helps explain why.
In a global report analyzing the cost of living and income levels in 69 major cities, Athens stands out for its high prices and low wages, painting a stark picture of everyday financial pressure. While salaries have increased by nearly 30% since 2000, the average monthly income in Athens remains low by international standards—just $1,141 after taxes. This places Athens 56th in the global ranking, only slightly ahead of cities like Istanbul and Bangalore.
At the same time, the cost of living in Athens is well above the global average. From gasoline to utilities and leisure activities, the city ranks among the more expensive places to live. Gasoline prices are the 10th highest in the world, with 1 liter costing $2.09—up 23% in five years.
Rent remains relatively competitive, with a three-room apartment in central Athens averaging $1,180 monthly (ranked 59th), but homeownership is a different story. Mortgage payments consume a staggering 78% of monthly income for a standard apartment purchase, placing Athens 31st globally in housing unaffordability.
Utilities have also surged. Electricity, water, and heating bills have increased more than 33% in five years, putting Athens 25th in terms of utility costs worldwide.
In short, while the macroeconomic picture looks strong, everyday realities for many Greeks are far more difficult. The combination of high living costs and comparatively low wages leaves many feeling the recovery is out of reach—at least for now.
