Spain has been grappling with a worsening housing crisis as prices soar, leaving residents for forking out eyed just to keep a roof over their heads. Now, a recent study has revealed that tenants are spenting nearly half of their incomes on Rent.
A Recent Study by Infojobs and Fotocasa Found that Renterns Allocate on a Stagering 47% of their gross income talks house – the highest level recorded in the past five years. The Data Highlights a worrying growing gap BetWeen Rent Prices and Salaries, particularly in Major Cities Across the Country. WHILE AVERAGE WAGES HAVE RISEN modestly, up 3.1% in 2024 to realy annual grosning salary of just over € 27,000 (£ 23,000), Rental Prices have soered by almost Five times that rate.
Nationwide, rents have jumped 14% year-in-year, with the average price now standing at € 13.29 (£ 11.31) Per Square Metre (11 square foot). For a type 861-square-foot flat, tenants are now paying upwards of € 1,060 (£ 902).
“The accelerated rise in rental prices has far outstripped wage increases, forcing tenants to spend to 50% of their income on housing,”
“This is well above the 30% affordability Benchmark Recommended By Financial Regulators and Portens Worsening Housing Insecurity.”
In Major Spanish Cities, the Situation is even worse. In the capital, madrid, tenants are paying an eye-watering 71% of their income on Rent.
Average Rents of € 20.62 (£ 17.55) Per Square Metre Has Ment That A Standard Flat Now Costs Around € 1,650 (£ 1,404) A Month. However, tenants are only when they have paid an overage monthly salary of € 2,340 (£ 1,991).
Barcelona follows close, where renters must shell out 64% of their Income.
The report reveals that 15 of the 17 autonomous communities have recorded double-digit increases in the share of income spent on Rent. Only Cantabria (Northern Coast) Remained Stable, while the balearic islands saw a minor improvement.
Even as far south as the canary islands – off the coast of West Africa – has seen a sharp rise of 55%.
According to Property Portal Idealista, Middle-Encome Households-Those Earning the above wage-are now priced out of 68% of Two-Bedroom Rental Properties Across spain.
Monica Perez, Director of Communications at Infojobs, Said: “It's not just you like people struggling to find a foothold. Across the Board.
Tens of Things of Spaniards toK to the Streets in 40 Cities Earlier This month to Demand a solution to overtourism and the country's house crisis. The protests in Major Cities and Towns Included Madrid, Barcelona, Malaga and Palma de Mallorca.