It has long been no secret that for the majority of Spaniards, buying real estate is an almost unattainable goal if you strive for it relying on your own strength. Back in August 2022, the Spanish bank BBVA warned that the precarious situation of the young Spanish population prevents them from accumulating sufficient capital to purchase housing, which cuts off a huge number of potential buyers from the market.
The bank's study notes that young people move away from their parents at the age of 30, which is about 3 years later than the European average. It is indicated that one of the reasons for such a «delay» is connected precisely with the difficulties of access to housing. Low prices are rare, especially if young buyers have at least minimal preferences. And they have, because buying your own house is one of the most important things that a person can do in his life.
Along with the low incomes of the population, an increase in inflation in the economy, an increase in the Euribor key lending rate, as well as an incessant rise in prices for housing itself plays a role. The analysis carried out by the Raisin savings platform shows that access to housing, taking into account the average salary in Spain, becomes unbearable, especially for single people.
To prepare this study, Raisin collected information about the average salary and average price of housing in various regions of Spain. At the same time, they analyzed average household expenses to determine how long it would take an average citizen and household to buy an average house in Spain. In addition, they took into account the cost of living in each area of the country that was included in their analysis.
As a result, according to these calculations, a typical married couple or a single Spaniard will have to save, on average, more than 10 years to make a down payment for an average property. In the case of single Spaniards, the situation is even worse — more than 15 years for the first installment.
The required amount of savings to buy a house
The average house price in Spain is about 164,400 euros, and the net average annual salary of a household (approx. two people) — about 38,000 euros. Basic expenses reach around 28,800 euros. Additionally, it is worth throwing a couple of thousand euros for various expenses of the couple. There remains about 8 000-8 600 euros. Half of this amount can be spent to save for the purchase of housing.
In this case, it will take about 10 years to pay the first installment for the house (this is usually up to 25% of the value of the purchased object). It will take about 25 years to repay the mortgage, while it is always noted that mortgage payments should not exceed 30% of the monthly household income. It is also worth considering that buying a home will always imply additional expenses, the accumulation of which should be at least 200 euros per month at the above price of the property.