23 Aug, 2020 @ 09:13
1 min read

NO CHANCE: Spanish youngsters need to double their incomes to be able to afford a mortgage


SPANISH people under the age of 34 would have to double their average salary to be able to buy a property.

According to the Spanish Youth Council (CJE) under 34’s earn an average €961.03 when they need to earn €1,935.57 per month to afford their own home.


At that level they would be able to spend less than 30% of their income on mortgage and other costs involved in owning a property – the level banks consider viable when making home loans.

The main obstacle for millennials when it comes to buying a property is scraping together enough cash for a deposit.

The CJE says that together with the money needed for taxes and fees youngsters would need to save about four times their annual salary.

Renting an apartment is not a viable option for many, with rents in some areas reaching 90% of average salaries, forcing people into sharing an apartment, renting a room or living with their parents.

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