Endemic unemployment, job insecurity and difficult access to finance have raised the age threshold for economically dependent young people to 40 years. The first job is no longer equivalent to the first home for rent and less for ownership. Moreover, it will be necessary to chain many temporary contracts over time to be able to opt for residential emancipation, a circumstance that, far from improving, has worsened in a labor market in which 93% of jobs are temporary.
The latest Observatory of Emancipation of the Youth Council of Castilla y León, relating to the second half of 2020, makes it very clear: a young wage earner in Burgos (in this case, under 30 years old) must allocate 69, 5% of your salary to pay the rent of your home and 46.5% in the event that you choose to own your property and can have mortgage financing for this objective, which requires the disbursement of 20% of the entrance of a house that in Burgos amounts to 112,290 euros on average, according to the aforementioned study.
Rental costs have grown by 2.24% compared to the second half of 2019, while property has decreased by 2.6%. These fluctuations occur in one year, that of the pandemic, crisis, economic stoppage and unemployment. In fact, according to the Emancipation Observatory, the average minimum income of young people from Burgos who work, 14,790 euros per year and 1,232 per month, have fallen by 5.86% compared to 2019.
In addition to the cost of rental income or the payment of the mortgage, an average of 6.6% of income must be reserved for basic household expenses (water, electricity, gas …), which in the whole of Castilla and León is quantified at 101 euros on average per person per month, a figure that will have increased in the current year due to the extraordinary rise in electricity and energy in general.
The most widespread alternative to overcome the maximum debt threshold is the shared rent, which represents 30.7% of the personal effort salary, although this option has become more expensive by 2.44 percentage points compared to the second half of 2019.
The Emancipation Observatory gives clues about a second alternative: 17.8% of emancipated people in Castilla y León live in homes given, generally by their families, a modality that, far from decreasing, is increasingly used.
(More information in the printed edition of Diario de Burgos this Monday)
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