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7 Out Of 10 Young Spaniards Want To Buy A House

Access to housing has become one of the great problems that the country has dragged on in recent years. The low wages of the youngest people contrast with the high prices of the house, which makes the process of emancipation difficult. A study by Fotocasa assures that 70% of young people under 35 years of age have expectations of living in a home they own within the next five years , but more than half (53%) affirm that their employment and economic situation prevents them buy house.

Currently, 55% of young people live in rental housing , a percentage that has exploded with the pandemic, although only 30% consider this option for the future, since seven out of ten prefer to buy a flat, especially young people 25 to 34 years (73%). Among young people aged 18 to 24, the percentage is lower, 52%, according to the report ‘Young people and the housing market in 2021’ prepared by Fotocasa.

“What we perceive with these data is great frustration on the part of this group. Young people want to be able to access a home as easily as previous generations did. Now, their main obstacles to buying a home are precariousness labor and the impossibility of saving to face the costs of the initial investment of a mortgage “, explains the director of Studies and spokesperson for Fotocasa, María Matos.

Faced with this situation, Matos has requested direct aid while measures are adopted to increase the public stock of rental housing and to promote affordable rents.

The decision to postpone the purchase among young people is, in one of every two cases, a consequence of their economic and employment situation, which does not allow them to face an operation of these characteristics.

Thus, 47% affirm that the lack of savings is what makes them postpone the purchase , 18% do so because the prices do not fit with their budget and another 18% because they believe that the prices are very high and they expect them to normalize later.

This situation, Fotocasa emphasizes, is more pronounced when it comes to the younger strata (18 to 24 years old), who experience job and economic instability to a greater extent than older youth and, above all, receive much higher prices. higher than the most adult segment of 25 to 34 years .

Despite everything, 28% of young people who intend to buy later now have other spending priorities.

28-year-old woman with a job
According to this study, young people who choose to buy or try to buy a property are, on average, older, with an average age of 28.5 years . However, the average age of young tenants, understood as those who have rented or tried to rent, is 26.8 years.

Both in the demand for purchase and for rent, the real estate portal appreciates higher percentages among women. In the case of purchase they are 58% and in the case of rent, 62% . Taking into account the level of income, that of those who choose to rent is somewhat lower than that of those young people who have bought a home or intend to do so, a situation that is linked to their employment status.

Thus, among tenants there is a significantly higher percentage of students (20%) than that of buyers (6%). In contrast, 75% of buyers currently work, compared to 53% of tenants .

In relation to marital status, single young people represent 59% of tenants, compared to 49% of buyers. And, on the contrary, there are fewer tenants married or living as a couple (39%, compared to 50% in the case of buyers).

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