This article examines the perceived housing crisis in Belgium, questioning whether the current situation is significantly worse than in the past. Despite widespread beliefs about declining housing affordability, data suggests that affordability risks have not increased over the last decade. The study highlights that while house prices have risen, these increases are less pronounced when adjusted for inflation and housing quality, and can largely be explained by changes in interest rates, household incomes, and fiscal benefits, all of which have strengthened purchasing power. The article also explores regional differences in housing markets and policies, noting that Brussels, Flanders, and Wallonia each face unique challenges. Key issues include the high energy consumption of Belgium’s relatively old housing stock and the significant affordability problems faced by low-income tenants. The article concludes that while the general perception of a housing crisis may be overstated, targeted policies are essential to address the specific needs of vulnerable groups and improve housing quality and energy efficiency across the country.