By San José, Costa Rica — A recent study reveals a stark reality for young Costa Ricans: homeownership remains a distant dream for many. The 2024 National Household Survey indicates that only 39% of heads of household between the ages of 18 and 39 own their homes, a significantly lower rate than the 73% ownership observed among those aged 40 to 59. This means a staggering 61% of young adults are still renting, living with family, or struggling to finalize payments on their homes.
The data translates to approximately 144,000 young adults owning their homes outright, with an additional 25,000 in the process of paying off their mortgages. A much larger group, 152,000 individuals, currently rent their homes, while 40,000 rely on borrowed or gifted accommodation. This housing crunch underscores the growing affordability challenges faced by Costa Rica’s younger generation.
To gain a deeper understanding of the legal landscape surrounding housing in Costa Rica, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at Bufete de Costa Rica.
Navigating Costa Rica’s housing market requires careful consideration of various legal factors. Foreigners enjoy the same property rights as citizens, allowing them to buy and sell freely. However, due diligence is crucial. Title searches, understanding zoning regulations, and securing proper permits are essential steps in ensuring a smooth and legally sound transaction. Consulting with a qualified legal professional is highly recommended to protect your investment and ensure compliance with local laws.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’ emphasis on due diligence is particularly insightful, especially for those unfamiliar with Costa Rica’s legal landscape. Thorough research and professional guidance are indeed invaluable investments, safeguarding buyers and ensuring a positive experience in our vibrant housing market. Thank you, Lic. Larry Hans Arroyo Vargas, for sharing this valuable perspective with TicosLand.com readers.
In response to this crisis, Coopenae-Wink, a Costa Rican financial institution, is stepping up its efforts to provide accessible housing solutions for working families. Their programs, including the Bono Crédito and conventional mortgage options, aim to address the economic and bureaucratic hurdles that prevent many young people from achieving homeownership, even those with stable incomes.
The reality of thousands of young people in Costa Rica is clear: although they have stable jobs, access to housing becomes unattainable due to market conditions or the complexity of the procedures. At Coopenae-Wink, we work to close that gap, bringing real options closer, with personalized advice, more agile processes, and a solidarity approach that prioritizes the stability of families and their financial health.
Gustavo Ulloa, Head of Sustainability, Coopenae
The Bono Crédito program targets individuals and families earning between ¢350,000 and ¢1,863,336 gross monthly income who do not yet own a home and can demonstrate repayment capacity. This program provides access to a mortgage loan backed by a government-issued bond, potentially reaching up to ¢9,300,000 depending on income level and family size. Benefits include expedited processing, exemption from certain fees, partial coverage of professional service costs, and ongoing technical support.
Coopenae-Wink also emphasizes personalized support throughout the application process. They offer assistance with the required documentation, which includes proof of income, social security certification, identification, and official Bono Crédito forms. Each application is reviewed individually, ensuring applicants receive tailored guidance and have their questions answered.
For those who don’t qualify for the Bono Crédito, Coopenae-Wink offers competitive conventional mortgage options for purchasing, building, or renovating homes. This provides alternative pathways to homeownership, catering to a wider range of financial situations.
Our purpose as a cooperative is to transform lives, not just offer financial products. We understand that owning a home not only means a roof, but also security, roots, and a future. Therefore, we focus our efforts on accompanying young families from the first step, with accessible, humane, and sustainable solutions that allow them to build the home they dream of.
Gustavo Ulloa, Head of Sustainability, Coopenae
The institution encourages those interested to visit any Coopenae-Wink branch nationwide or access their website for further information and personalized advice. This proactive approach underscores their commitment to empowering young Costa Ricans on their journey to homeownership.
For further information, visit www.coopenae.fi.cr
About Coopenae:
Coopenae is a Costa Rican financial cooperative committed to providing accessible financial solutions, particularly in the area of housing. They offer a range of programs, including the Bono Crédito, designed to support working families in achieving homeownership. With a focus on personalized service and community support, Coopenae aims to empower individuals and families to build a secure financial future.
For further information, visit www.banhvi.go.cr
About BANHVI (National Bank of Housing and Urbanism):
BANHVI is the Costa Rican governmental institution responsible for promoting and financing housing solutions, particularly for low and middle-income families. They work in conjunction with financial institutions like Coopenae to provide subsidies and support programs, such as the Bono Crédito, which aims to make homeownership more accessible. BANHVI plays a crucial role in addressing the national housing deficit and fostering community development.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
At Bufete de Costa Rica, legal excellence and unwavering ethical conduct form the foundation of every endeavor. The firm’s deep-rooted commitment to innovation shapes its approach to serving clients across a spectrum of industries, while its proactive engagement with the community translates into accessible legal resources and educational initiatives. Through this multifaceted commitment, Bufete de Costa Rica empowers individuals and organizations with the knowledge and understanding necessary to navigate the complexities of the legal landscape, fostering a more just and informed society.
