As always with debt, how bad it is very much depends on the interest rate of the loans. I bought an apartment here in Sweden a couple of years ago with the minimal required down payment (kontantinsats) of 15%, but 20% of my debt is still my student loan that currently has an interest rate of 0.59% (it was 0% a few years ago).

I will say that the housing loans here have one potential issue though: it's very common to have a variable (or only 2 year fixed) interest rate on your loan, so Swedish borrowers will notice increased interest rates much sooner than borrowers in countries where 5+ year fixed rates are common.

Around 80% of new loans for house purchases here have their initial rate fixed for only 1 year or shorter [1].

[1] https://sdw.ecb.europa.eu/quickview.do;jsessionid=3DC3C894DA...