Where in Europe is EU3000/mo. the norm? I've got 25 years of experience as a developer, and I'm finding it hard to get 2/3rds of that ..
Tax is high, mainly thanks to the massive subsidies given to house owners - mortgage interest payments are subtracted from pre-tax wage before the tax is calculated. As you can guess, it's normal here for people to max their loans and go for interest-only repayments..
And then end up with an unpayable principal?
That's how governments create housing bubbles.
You're basically just renting the house from the bank. And this is common (not good, but common) in every country where interest is tax deductible, because you can multiply your 'renting' power by your top marginal tax rate.