Difficulty affording own home in the Balearics

Palma

Nearly half of residents on the islands aged between 18 and 34 do not have their own property, according to recent data.

In order to be able to afford a home, so that a third of their salary goes to paying the mortgage, they need to be earning 117 per cent more.

Based on paying 30 per cent down payment on a 46 square meter property, people need to earning €32,340 a year, or €2,695 a month.

However, most young people in the Balearics have to spend nearly two thirds of their salary in order to buy a property. This is because the average salary of young people in the Balearics is currently €14,898 a year.

Nearly half of young people in the islands do not have an income. Meanwhile, at a national level, young people in Spain only need to dedicate a bit more than half of their salary to buy a home.

As a national average, four in 10 young people have their own home. Young people in Spain need to earn three quarters more than they currently do in order to be able to buy a property.  

 

By Nicole Hallett

 

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