Only four in ten young spanish can afford to buy a home

According to the latest study carried out by the Youth Council of Spain (CJE), young Spanish people need to spend more than half of their net income (53.5%) in order to buy a home, which explains in part why only four out of ten are able to afford to purchase a home at the moment.

The study also reveals the difference between real income and the minimum income required to buy a home: Young adults are paid on average 78.1% less than they need to enable them to become homeowners without exceeding the maximum level of indebtedness accepted by financial institutions of 30%.

Also, as reported in Cinco Dias, the maximum size of property which a young person who is encouraged to buy a home can expect to acquire, is no more than 56.1 square metres.

If they opted instead to rent, then they would only expect to gain access to a property of around 44.5 square metres. By province, the young people who must spend more of their net salary on the purchase of a home are those from Vizcaya (71.6% of income), followed by Guipuzcua (70.9%), Barcelona (67.9%), the Balearic Islands (65.1%), Madrid (62.6%), Cantabria (58.2%) and Malaga (57.8%).

Source: Kyero.com