When it comes to buying a home, there are many factors to take into account, such as the savings available, the annual family income, the price of the home you want to buy, the possible discount that can be obtained or the mortgage conditions. For example, San Sebastián is the capital with the greatest imbalance between the current average household income (45,031 euros/year), according to idealista’s calculations, and the theoretical gain necessary (62,891 euros/year) to be able to pay the mortgage payment of a flat-type home for 437,000 euros, the median price of the offer in the city in the real estate marketplace of southern Europe.
idealistic has analyzed the housing market by province capital in the last quarter (the median price of all the flats advertised in that period on the platform) and has prepared a study in which it offers the annual family income necessary to buy a home, calculated from a fixed mortgage at 1.19% for 30 years, contributing 20% of the price as a down payment, also taking into account the negotiation discount by area, and maintaining the criteria of the main economic organizations that recommend allocating, such as maximum, one third of the income to the expenses destined to housing.
Behind San Sebastián are Palma, Barcelona, Madrid or Bilbao. In all of them, it is necessary for each household to earn more than now to be able to get a mortgage without great charges.
In the balearic capital, the current average income per household (45,000 euros/year) is not enough to easily pay for the mortgage that means paying for a flat bought for 345,000 euros on average. The theoretical salary per household would amount to 49,463 euros/year, a smaller imbalance than in San Sebastián.
In BarcelonaHowever, the difference between the theoretical salary and the real one grows again to be able to pay for everything related to a house of 329,000 euros. While the real income per household is 38,413 euros per year, they should amount to about 47,413 euros/year to only allocate a third of them to the mortgage.
Among these cities, Madrid is the one with the least imbalance, although an average annual income of 42,824 euros is still not enough to acquire a flat with better solvency at a median price of 302,000 euros. According to the idealista/data study, the theoretical annual income should rise to 44,122 euros.
To complete this quintet of capitals with the largest income/housing expenditure imbalances, the average income per household in Bilbao reaches 34,824 euros/year, while the calculations for an affordable mortgage payment should rise to 40,004 euros per year for a median home of 280,000 euros.
In Valencia, Malaga or Seville it is more accessible to pay the mortgage on the house
In the rest of the provincial capitals, the payment of the home mortgage payment represents a more balanced expense, to a greater or lesser extent, within the idea of allocating a third of the household income to the payment of the expenses of the home, and with the criteria applied to calculate the mortgage payment.
In major real estate markets like Málaga (36,857 euros/year), Valencia (34,536 euros/year) or Sevilla (33,550 euros/year), the current average earnings of households are capable of paying the mortgage for the purchase of an apartment at the median price of 198,000 euros, 191,000 euros or 175,000 euros, respectively. The theoretical calculation of household income in these three capitals to assume the mortgage would remain at: Malaga (28,841 euros/year), Valencia (27,533 euros/year) or Seville (33,550 euros/year).
capitals like Ávila, Huelva or Lleida They are the cities where a lower annual income is needed to be able to face the mortgage payment if a household had to face the purchase of a home at the median price currently offered by Idealista. With the current average household income of 26,478 euros/year, 23,873 euros/year and 23,660 euros/year, respectively, it is enough to buy a median flat of 100,000 euros, 99,000 euros, and 103,000 euros, respectively, and pay the monthly fee. . And it is that the theoretical balance in each of them would be 13,918 euros/year, 14,251 euros/year and 14,366 euros/year.
