Buying a home is not within the reach of the standard citizen in more than half of Spain. This is the conclusion of a study carried out by the financial comparator HelpMyCash.com, which reveals that in 11 autonomous communities it is not possible to acquire a house or apartment with an average price if you intend to carry out the operation alone and charge the average salary in the region.
To prepare their study, the analysts of this comparator have used data from the latest Active Population Survey to calculate what mortgage a person can pay if they earn the average salary of each autonomous community, as well as what house or apartment they could afford. The price of an average home in each region is, in most cases, higher than the maximum cost that a single person could assume, although the acquisition may be viable if a smaller property is purchased or if the operation is carried out. along with another buyer.
According to the HelpMyCash study, there are 11 autonomous communities in which the price of the average home is higher than the maximum cost that a person with the average salary can afford. The regions in which there is the greatest difference between the average price and the acceptable price are the Balearic Islands (215,000 euros), the Community of Madrid (162,000) and the Basque Country (99,000), followed by Navarra, Catalonia, the Canary Islands, Andalusia, Galicia , Aragon, the Valencian Community and Cantabria.
At the other extreme, there are six communities in which the price of an average home is lower than the cost that a single person earning the average salary in the region can afford. The greatest differences occur in Extremadura (-18,000 euros), Castilla – La Mancha (-21,000 euros) and Asturias (-14,000 euros). La Rioja, Castilla y León and Murcia complete the list.
To calculate the price of the average home in each autonomous community, the financial comparator has taken into account both the cost per square meter and the average surface area of the houses and flats sold in each region. Now, if a person with an average salary wants to buy a smaller property, it is more likely that they can afford the operation.
For example, if a single man with an average salary wants to buy an 80 square meter apartment, he may be able to afford the operation in up to 10 autonomous communities: Castilla – La Mancha, Extremadura, Castilla y León, La Rioja, Murcia, Asturias, Galicia, La Valencian Community, Cantabria and Aragon. On the other hand, the average salary does not allow taking out a mortgage to purchase a home in the Balearic Islands, the Community of Madrid, the Basque Country, the Canary Islands, Catalonia, Navarra and Andalusia.
Logically, if you earn more than the average salary in each community, the chances of being able to buy a home alone will be greater. With the What house can I afford simulator from HelpMyCash, you can calculate the maximum price that a person can pay for their future property based on their salary and current debts.
The report shows that acquiring a home alone is really difficult if you earn the average salary. Now, if the purchase is made by two people, which is usually the case (couples, in general), and both earn the average salary in their region, HelpMyCash analysts affirm that they will be able to afford a house or apartment with the average price in the vast majority of Spanish autonomous communities.
There are only two regions in which the price of an average home is higher than the maximum cost that a couple whose both members earn the average salary can assume: the Balearic Islands (81,000 euros) and the Community of Madrid (12,800 euros). Now, if the property purchased is 80 square meters, this purchase will be acceptable throughout Spain.
HelpMyCash remembers, however, that access to a home is not determined solely by the salary, but also by the buyer's savings. As a general rule, if a mortgage is requested to finance the operation, the bank will lend up to 80% of what the property costs. Consequently, the interested party must contribute the remaining 20% out of pocket and an additional 10% to cover taxes and formalization expenses.
In some cases, the bank can increase that financing percentage and lend up to 90% or even 100% of what the home is worth, which will reduce the buyer's contribution. However, entities only approve this type of operation if the applicant enjoys a very good economic situation and negotiates it, either on their own account or with the help of a mortgage broker.
