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The Covid-19 pandemic has dealt a severe blow to the aspirations of young Spaniards with the intention of emancipation.
To date, those under 30 years of age do not have the necessary income to be able to rent or buy a free market home on their own in any of the 17 Spanish autonomous communities, a reality that hits harder in traditionally more expensive regions, such as The Balearic Islands, Catalonia, Madrid, the Canary Islands or the Basque Country, but which also does not go unnoticed in the most affordable ones, such as Castilla-La Mancha, Extremadura or Murcia.
At the state level, on average, they would have to allocate almost 60% of their income to pay the rents of each month and more than 90% to pay a mortgage, percentages that double and triple the recommended maximum and are therefore unviable to be able to face the rest of the day-to-day expenses.
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According to the latest figures collected by the Spanish Youth Council, relative to the end of 2020, young wage earners between the ages of 16 and 29 should dedicate around 90% of their income to the Balearic Islands and more than 65% of their rents in Madrid, the Basque Country, the Canary Islands and Catalonia to be able to acquire property on the free market.
The percentage of financial effort drops notably, to around 35%, in the three cheapest regions and ranges between 40% and 50% in others such as Castilla y León, La Rioja, Asturias or Aragón.
However, this reduction is not enough, since even in the best of cases potential buyers would have to dedicate more than 30% of their income to the home, the recommended maximum tolerable effort limit.
Photography is repeated almost identically in the rental market, even with prices that in the main markets have fallen throughout the year of the pandemic and that in cities such as Madrid and Barcelona have recorded decreases of close to 10 %. In this case, although this time in a different order, Catalonia, the Balearic Islands, the Canary Islands, Madrid and the Basque Country once again position themselves as the regions in which real estate overstrain is greatest.
In the first two, the levels even exceed 100% of the income, while they touch the totality in Madrid and the Canary Islands. In other words: on average, a person under 30 years of age could not rent alone in Catalonia and the Balearic Islands, even allocating all their means, while their income would be seriously affected in the case of Madrid and the Canary Islands. In the most affordable areas, meanwhile, the income needed to rent a home is almost double the tolerable maximum.
According to the figures compiled by the Youth Council, the situation is somewhat more promising for young people who are between 30 and 34 years old who want to buy, although, except on rare occasions, they also have to spend in the majority of regions more than 30% of its income to the operation.
If they want to opt for rent, again, they should overcome the dreaded 30% border, although to a lesser extent than the youngest.
Thus, this age group could undertake a sale without overexertion only in the two Castillas, Murcia and Extremadura.
In the most expensive regions, the effort would touch down by 60%, except in the Balearic Islands, where this figure would be slightly exceeded.
In rent, the overexertion would continue to be very high, close to 80%, in Catalonia, Madrid and the two archipelagos, while it would not reach 40% in the most affordable regions. On average, at the state level, this band should reserve 45% of its income for a solo mortgage and 65% for rent, also individually.