9 Sep, 2018 @ 10:16
1 min read

RENT-MARE: Most people in Spain spend more than a third of earnings on rent

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MOST people in Spain spend more than a third of their earnings on rent, it has emerged.

The average family renting a home lose 37% of their salaries, according to a report by the European Commission and the OECD (Organisation for Economic Cooperation and Development).

Renting costs have increased in almost every community over the last year, making residents’ salaries stretch even less further.

Business Insider compared the average price per square metre in each region and matched it with the average salary to determine the proportion spent on rental costs.

Those living in Madrid, Catalunya and the Balearics are the worst hit, with residents losing 45.79%, 47.93% and 44.83% of their salaries respectively.

They are followed by the Canary Islands, Cantabria, the Basque Country and Andalucia, where the percentage is still above 30%.

Extremadura is the community where the least is spent on rent (22.8%).

It comes as town halls across the country are beginning to resist holiday rental sites like Airbnb, which they blame for increasing average rental costs while pushing out the locals.

Valencia and Madrid introduced news restrictions this year while Mallorca has introduced new licensing laws for those who rent out their homes.

The average salary in Spain is €23,156 per year.

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