Walter Finch
LIVING solo in Spain doesn’t come cheap, especially if you’re eyeing the major cities and popular resorts where most people look to settle.
A new study by property portal Idealista has revealed the stark financial reality facing single people trying to secure their own place, with the figures showing a dramatic difference between buying and renting across the country.
According to the research, a single person needs to earn at least €18,080 net annually to buy a studio apartment in Spain – but that’s only half the story.
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While the salary requirement might seem manageable, buyers must also have managed to save up a staggering €40,480 up front to cover the 20% deposit plus approximately 10% in additional costs including taxes and fees.
The study calculated these figures using the widely accepted rule that housing costs shouldn’t exceed 30% of your income, a benchmark used by financial advisors across Europe.
The €18,080 salary covers monthly mortgage payments of around €452 for an average studio priced at €134,935, but the substantial upfront savings requirement highlights just how out-of-reach homeownership has become for single people.
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Those opting to rent their own place should be looking to earn €32,000 a year – a pipe dream for most workers in Spain.
In fact, the rental market tells a different story entirely.
Studio apartments across Spain average €800 per month, hence the need for that €32,000 annual salary to stay within the recommended spending threshold.
Madrid emerges as the most expensive city for single buyers, where you’ll need to earn €32,160 net annually just to qualify for a mortgage, not including the substantial deposit required.
Palma follows closely behind at €31,560, making these the only two Spanish cities where single buyers need more than €30,000 annually.
Other expensive cities for purchasing include San Sebastián (€27,480), Valencia (€27,120), Granada (€26,360), and Barcelona (€26,280).
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Surprisingly, Barcelona ranks lower than expected for purchases, though this changes dramatically when it comes to rentals.
At the other end of the spectrum, Santander offers the most affordable option for single buyers, requiring just €9,240 net annually, followed by Tarragona (€9,640) and Ciudad Real (€10,040).
The rental market paints an even grimmer picture, with Barcelona topping the charts at a whopping €47,000 net annual income required to rent a studio.
This makes the Catalan capital significantly more expensive than Madrid (€40,880) and Valencia (€40,000) for renters.
Those looking for more affordable rental options should consider Ciudad Real, where €16,400 annually suffices, or Palencia at €18,000.
Looking at provinces rather than individual cities, the Balearic Islands demand the highest salaries for buyers at €30,440 net annually, while Madrid province requires €28,040.
For renters, Barcelona province leads at €44,160, followed by the Balearics at €40,000 and Madrid at €39,000.
The most affordable provinces for single buyers are Zamora (€7,440), Cáceres (€9,240) and Jaén (€9,520), whilst Cáceres and Jaén also offer the cheapest rental options at €16,000 each.
The research highlights the challenging reality facing young professionals and anyone seeking independence in Spain’s major urban centres, where salaries often lag behind the income requirements revealed in this study.
For British expats considering a move to Spain, these figures provide crucial insight into the financial planning required, particularly for those not planning to share accommodation.
The study’s methodology focused on studio apartments – the most affordable housing option – making the findings particularly relevant for first-time buyers, young professionals, and anyone prioritising location over space in Spain’s competitive property market.
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