The Manx government has pledged to spend more than £70m on improving private housing conditions.
A recent survey of the island's 35,000 private properties found 16.3% were in "poor repair or unfit".
It estimated it would cost about £70.5m to repair the 5,759 homes affected.
Environment Minister Geoffrey Boot said that while the full amount could not be found "straight away", discussions were being held on how to "make that money available".
The government survey assessed a sample of the island's homes and concluded that there was a link between "disadvantageous social or economic" status and poor living conditions.
It estimated the average cost to improve homes deemed "unfit" would be £19,000, while those in "poor repair" would cost almost £10,000 to fix.
Windows, roof coverings, poor energy efficiency and kitchen and bathroom fittings were among the most common defects found.
Mr Boot said some problems could be addressed through the government's "climate change agenda" with "smaller-scale expenditure, such as insulation".
The Department of Environment, Food and Agriculture launched an energy efficiency scheme in 2018.
It makes available grants of up to £1,000 available to some households for improvements such as loft insulation, new windows and draught proofing.