US EditionBuying a Home Has Never Been Less Affordable, Report Finds
6 Articles
6 Articles
The effort marks its highest level in 14 years, according to data from the Banco de España in the third quarter.
MADRID – Families in Spain need 7.7 years of gross salary to buy a house, the highest figure in 14 years, and allocate more than 34% of their gross annual disposable income to this purpose in the first year, according to figures from the Bank of Spain for the third quarter. To find a period of greater financial strain, one has to go back to the end of 2011, when the figure reached 7.76 years of gross salary. To calculate these figures, the Bank …
Families need 7.7 years of gross salary to buy a house in the Spanish state, the largest figure for 14 years, and spend the first year more than 34% of their annual gross income available for this purpose, according to the figures of the Banco de España for the third quarter of the year.
Families need 7.7 years of gross salary to buy a house in the Spanish state, the largest figure for 14 years, and spend the first year more than 34% of their annual gross income available for this purpose, according to the figures of the Banco de España for the third quarter of the year.
Spanish families already need 7.7 years of gross salary to buy a home, the highest level of effort since 2011, in a market under pressure from supply shortages and price escalation. Only in the first year after purchase, households must allocate more than 34% of their income, a percentage that steadily exceeds the threshold recommended by experts since 2022.
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