This paper will discuss different perceptions of vulnerability from a class perspective to tackle distinct meanings of what constitutes a precarious life, and how these relate to socio-economic contingencies and one’s identification as vulnerable. Housing problems are not new in Portugal. However, political analysts, the media and social movements identify an unprecedented housing crisis, attributing it to international demand on the Portuguese property market, resulting in a scarcity of available homes and an unceasing surge in rental prices. The combination of low salaries, job market instability and high rents has made housing accessibility a critical concern for the Portuguese population, affecting not only those living in poverty and defined as vulnerable, but also the middle class, and young adults in particular. This highly educated generational group is experiencing significant challenges in establishing an independent life. Whether they are staying at home, living in shared houses, or renting rooms, these arrangements are often perceived as temporary but end up being long-term. The circumstances of economic and professional instability, combined with difficulties in achieving independence, contribute to a sense of living a precarious and vulnerable life. What means to be vulnerable is perceived differently by young middle-class adults and those living in extreme poverty. The different use and meanings of the same identification category by people from distinct social economic conjunctures disclose distinctive interpretations of precariousness, deservingness, aspirations for the future, and processes to overcome their vulnerability. How do these groups differentiate themselves from each other whilst claiming the same identification category? Are there disparities in their demands for housing policies? Is the government’s response to these new demands for protective policies similar to the old ones? If we consider these recent laws as state care, are all citizens being considered equally deserving of protection.

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