How much does a single person need to earn to afford a home of their own in Spain? According to a recent analysis, even the smallest option — a studio flat — requires a substantial income, and renting is now harder than buying in many places.
The calculations assume that housing costs should not exceed 30% of net income, the threshold generally considered affordable.
Buying
To buy an average studio in Spain, priced at around €159,000, a single buyer would need:
- a net income of at least €20,920 a year;
- a monthly mortgage payment of about €523;
- around €47,700 in savings to cover a 20% deposit plus taxes and fees.
The savings are the biggest obstacle for many young people.
Renting
Renting a studio requires even more income:
- the average rent is about €850 a month;
- to keep it under 30% of income, a single person would need to earn around €34,000 net a year.
In the big cities
| City | Net income to buy | Net income to rent |
|---|---|---|
| Madrid | €32,600 | €44,000 |
| Palma | €32,280 | €44,000 |
| Barcelona | — | €44,000 |
| Bilbao | €31,600 | €34,000 |
| Valencia | — | €42,000 |
Madrid, Palma and Bilbao are the only cities where the income needed to buy exceeds €30,000.
The Balearics top the list
By province, the Balearic Islands are the most expensive place to rent a studio, requiring a net income of €44,000 a year, followed by Barcelona (€40,000) and Valencia (€39,000). At the other end of the scale, in provinces such as Ciudad Real and Ávila, an income of around €17,000 is enough.
What it means
The figures help explain why so many young people in the Balearics share flats or live with their parents well into their 30s. With average wages in the islands far below €44,000 net, renting a studio alone is out of reach for most workers. Buying, on paper, looks more affordable — but only for those who have saved tens of thousands of euros for a deposit, which is precisely what high rents make so difficult.
