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.