Financial independence challenge: Singles in Spain need more than 5 years of salary to pay off their mortgage

In Spain, access to housing is still a big challenge, especially for those who live alone. According to data from the Real Estate Credit Union (UCI), singles must allocate the equivalent of 5.72 years of their total annual salary to cover an average mortgage of around 154,264 euros. This figure shows the growing financial difficulties facing those who want to buy a home without the support of another source of household income.

The situation is exacerbated by the celebration of Singles Day, an event of Chinese origin that has spread throughout the world as a celebration of personal independence. According to the National Institute of Statistics (INE), in Spain there are almost 14 million people living alone and it is estimated that in 2030 the single-person household will be the most common in the country, reaching 33.5 % of the total. This means that, in the coming years, there will be a significant increase in the number of people who will be faced with the challenge of buying a home on their own.

For singles, the average annual salary is around 26,948.87 euros. In a context of inflation and rising prices in the real estate market, this means that only 19.9% ​​of Spaniards decide to buy a home on their own, although this percentage has increased slightly compared to last year (17.9%). The UCI study shows that La Rioja, Navarra and Aragón are the communities with the highest percentage of single buyers (60%, 45.5% and 34.8%, respectively), and the levels lowest at Castilla-La Mancha, Andalusia and Extremadura.

The situation presents significant financial challenges for single people, who have to face mortgages with less favorable conditions compared to those who buy as a couple. Financial institutions often set tougher conditions for individual customers because of the financial risk involved in a single source of income. In addition, rising interest rates have increased the cost of mortgage loans, making access to housing even more difficult for this group.

This context is exacerbated by changes in the labor market, which in many cases do not guarantee the economic stability necessary to face long-term debt. Some experts suggest that the implementation of affordable housing policies and the promotion of credits with conditions adapted to single households could help single people buy homes.

Singles Day, celebrated every November 11, is a reminder of the benefits and challenges of living alone. While this day is an opportunity to celebrate independence and individuality, it also highlights the financial obstacles that face those who choose this life choice. The property market needs to adapt to this growing trend, offering more affordable alternatives that allow single people to access their own home without jeopardizing their economic stability.