The escalation of euribor and the prices in the real estate market are putting many Spanish families in difficulty, who are forced to do a excessive financial strain to pay the rent or mortgage payment.
According to a study by Eurostat, Spanish families have dedicated themselves 18.2% of their income home last year. This figure, which has not been recorded since 2017, places Spain as the eighth European Union country with the highest expenditure in this matter. However, the sacrifice was even greater for the families at risk of povertywho have earmarked 39.8% of their income to pay for the property they lived in, when experts recommend not exceeding 30%.
At the moment, the sector
It doesn’t offer truce signals short term. The
November price report from the Idealista real estate portal estimates the price of the house for sale
became 5.4% more expensive in the last year,
while the rent increased by 7.3%. Only a few provinces have managed to escape the rise: Huesca and Córdoba in the rental market and Burgos, Zamora, Huesca, Ciudad Real, Cuenca, Cáceres and Jaén in the sales market.
Unsustainable rents and mortgages mainly affect the population who live there urban areas. In 2021, 11.4% of Spaniards living in cities had to spend more than 40% of your income to pay for your house. On the contrary, the percentage of inhabitants of rural areas forced to make an additional financial effort, it reached just 5.3%.
Barcelona yes
Madrid are the Spanish cities where the rental is made
if how a higher percentage of household income.
According to a study by Idealistathe tenants of the Ciudad Condal assign to the lease
58% of your salary, and those residing in the capital, 42%. In fourteen other provincial capitals – San Sebastián, Valencia, Bilbao, Vitoria or Málaga – households living in rent also devote more than the recommended 30% of their income.
At the same time, buying your own home is becoming more difficult. The increase in the cost of financing is forcing families to increase the portion of their income destined to pay the
mortgage –
23.5% in the third quarter of 2022, compared to 20.1% the previous year–.
Rising market prices relative to wages also mean that more people have to save longer to buy a home. In agreement with
an OECD reporta family has to allocate now
11.1 years full gross salary to buy a 100 square meter house in Spain, compared to 8.2 years at the turn of the century.
On the other hand, Eurostat work reveals that Spain is the fifth country in the club of 27 where more people live in households with delays in the payment of mortgages, rents or bills – 14.3% of the population in 2021, a figure that was not reached even in the midst of the financial crisis. A high rate in this indicator is a clear sign that «the housing costs may be too high» be able to support.
