Housing has become the main expense to be assumed by thousands of Basque families. If a couple of weeks ago there was a report from the Basque Housing Observatory stating that the citizens of the Basque Country with a mortgage loan in charge must pay close to 30% of their monthly salary to pay it, yesterday the Real estate portal Fotocasa published a report in which up to 52% of the salary that Basque tenants must dedicate to paying their rent every month. In other words, practically double, and a figure much higher than what experts recommend, who ensure that this outlay, whether for purchase or rental, should never exceed a third of the monthly income.
The Fotocasa study collects salary data from InfoJobs and housing studies prepared by the real estate portal itself. At the state level, the average monthly effort that tenants must make is 43%, nine percentage points less than in the Basque Country. According to the report, the price of rental housing in the State closed with an annual increase of 7.4%, with a price at the end of the year of 11.03 euros per square meter.
However, there are considerable differences by community. With that 52%, Euskadi is the fourth with the highest average disbursement, only surpassed by the Balearic Islands (58%), Catalonia (58%) and Madrid (57%). On the other hand, among the ten most expensive provinces are Gipuzkoa, where the monthly effort reaches 59%, Bizkaia (50%), and Alava, with 46%. Behind these data is the fact that In the Basque Country, the average price per square meter of a rental home is 13.8 euros and that the annual price of a rented home of 80 square meters involved a payment of 13,248 euros., according to the Fotocasa report, while the state average is 10,589 euros. Above Euskadi are Madrid (14,803 euros), Catalonia (14,323 euros) and the Balearic Islands (13,594 euros). On the other hand, according to the Fotocasa report, the average gross annual salary last year in the Basque Country was 25,442 euros, only surpassed by Madrid (26,084 euros) and Navarra (25,060 euros).
The Fotocasa report shows how the great quantitative leap in the rent increase occurred in 2019, when it went from 34% in the percentage of gross monthly salary allocated to rent to 41%. A scale that has hardly changed during the time of the pandemic. And it is that wages are not growing at the same rate as housing. “The main reason for reaching the highest level in history is that the rental price is at its highest historical level, showing the largest increases in the last 17 years. The increase in the cost of the lease causes the salary effort that the citizen makes to access the rent to be well above what is recommended. At the moment it is more than 10 points above the figure of a decade ago”, explained María Mateos, director of Studies at Fotocasa, in a note.
2023-04-24 19:04:17
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