The housing condition is widely recognized as one of the most significant dimensions of individuals’ and households’ well-being. Consequently, increasing research is being conducted on how to measure housing uncertainty. In this study, we propose a new multidimensional indicator of housing insecurity using a counting approach. We examine the relationship between the proposed indicator and the decision to have the first child. We utilize data from waves spanning 1991 to 2020 from the Survey on Household Income and Wealth (SHIW) conducted by the Bank of Italy. Preliminary results indicate that housing insecurity is associated with a lower probability of having the first child, particularly among households that do not own a property.