One of the main worries in Spain at the moment is the price of housing. The property market has been on the rise over the past years, and housing prices have reached an all-time peak this year.
According to a study released by El Mundo today, young Spanish adults spend on average about 56 percent of their wage on a 25-year mortgage. This percentage is 23.5% over the 33% considered by financial sectors to be the ideal percentage of earnings.
The whole issue of housing is a prominant one in the election campaign. The Socialists have said that if they win the elections they will create a Housing Ministry to deal with the problem of high prices. Spanish young adults tend to live with their parents much longer than other European young adults, and one of the reasons for this is that the majority just can’t afford to buy a house. It is uncommon for Spanish students to move to another town when they start university if their home town offers the degree they want to study, and the market for rented accommodation is very small compared to countries like the UK and Germany.
See this article in El Mundo