RENTING a property in Spain requires more income than paying off a mortgage, an alarming new study has revealed.
According to research by property portal Idealista, the amount of money needed to rent a home in Spain has jumped to 36% of the average family’s total net income.
That is significantly higher than the 25% required to buy a house – excluding the deposit homeowners put down to secure a mortgage.
There are only three locations in Spain – San Sebastian, A Coruña and Cadiz – where renting and buying need the same proportion of monthly income.
The worst culprit is Palma de Mallorca, where renters need on average to spend a whopping 46% of total family income to secure a property.
Barcelona (45%), Malaga (41%), Valencia (40%), Alicante (39%), Madrid (39%), Las Palmas de Gran Canaria (34%), Santa Cruz de Tenerife (33%), San Sebastian (31%) and Bilbao (31%) all exceed the 30% maximum recommended by experts to rent a two-bedroom flat.
The places lying below that level include Sevilla (29%), Ceuta (27%), Salamanca (26%), Granada (26%) and Santander (26%).
The lowest level was found in Ciudad Real, where renters are forced to stump up just 18% of the average family total net income.
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