Being single not only means spending February 14 and April 23 alone but also having to cover all household expenses without anyone's help, including the purchase of an apartment. “The world is not made for singles, it is particularly adapted for life as a couple,” says Laura Martínez, spokesperson for iAhorro.
The obstacles that people who face the acquisition of a home alone have to overcome explain why only 35% of those who took out a mortgage in Spain in 2023 did so without a partner, four points less than in 2022. The data It makes sense if we investigate the causes, among which the difficulty of facing mortgage payments with a single salary stands out, especially due to inflation and the cost of living.
The price of housing in Spain, like that of the basic shopping basket, has not stopped rising in recent months until reaching historical figures that generate a direct impact on the population's standard of living. A report from Solvia indicates that, with the average salary in Catalonia being about 1,786 net euros per month, according to the INE, the mortgage payment for a 90 square meter home should not be more than 625 euros. A very unrealistic figure taking into account the current price of homes in the region and, in general, throughout Spain.
Catalonia is one of the autonomous communities most affected by this trend, since its citizens dedicate up to 44% of their salary to paying the mortgage, whose fee is on average 780 euros. It is only surpassed by the Basque Country (47%), the Canary Islands (48%), the Community of Madrid (56%) and the Balearic Islands, which is the most affected, since its citizens dedicate an average of 61% of their salary to paying mortgage debt.
These percentages are too high, according to the Bank of Spain, which advises not allocating more than 30 or 35% of what is charged to the ceiling. But the reality is very different, experts say. “The national average already reaches 37%, exceeding the banks' recommendations,” comments Ernesto Ferrer-Bonsoms, Business Director of Solvia. However, he states that “Spain has a healthy market in terms of demand, but the lack of supply causes tension,” which also has an impact on prices, so a higher amount of savings is needed to pay for the purchase. .
On the other hand, the majority of singles who signed a loan to purchase their first home last year did so after living in a family home (43.39%) or renting it for a period of time (42.96% of the total), according to the data managed by iAhorro.
Experts point out that to get a financial institution to grant a mortgage with a single owner, it is essential to have a fixed contract, job stability, solvency, as well as sufficient savings to cover 20% of the purchase price and the taxes inherent to the operation. In addition, some banks also require collateral for 10% of the property, especially when the mortgage payment exceeds 35% of the salary.
Finally, Martínez points out, the bank takes into account other factors, such as taxes and home maintenance expenses - insurance, IBI and stairs - that the owner must pay.
