Post by account_disabled on Feb 25, 2024 0:38:49 GMT -5
The Bank of Spain sounds the alarm and warns that half of Spaniards are at risk of poverty or social exclusion due to the current rental situation, with unaffordable prices and low salaries . The housing market is, without a doubt, one of the major problems facing the country and "an area in which a special vulnerability is seen is in relation to the conditions of access to housing, which have been hardened in recent years", as noted in its 2022 Annual Report . What's more, 4 in 10 rental households dedicate more than 40% of their income to paying rent , double the European average, according to 2021 Eurostat data used in the report. As if that were not enough, almost 50% of people who rent are at risk of poverty or social exclusion ; specifically 48.9%. This is the highest figure in the entire European Union , where the average is 32.6% or in neighboring countries such as France or Portugal at 28.6% and 30.9%, respectively.
The Bank of Spain points to "high rental prices, compared to work income, which increase the proportion of the population at risk of social exclusion and households with restricted spending capacity on other goods and services" as responsible. Furthermore, it highlights "the sharp reduction in the percentage of home-owning households " that Spain has experienced Country Email List since 2014, making special reference to young people. All of this "would have contributed to an increase in wealth inequality in our country in recent years." This means that young people and families live with great difficulties not only to save, but to make ends meet . This means that losing their job or even having some economic unforeseen situation suffocates them and leaves them in a very critical situation. Although this situation has been going on for a long time.
As the report indicates, inflation has not helped this, causing the equivalent of salaries to go back years, while the cost of living continues to rise. In this sense, the entity directed by Pablo Hernández de Cos recalls that "developments in the housing market have a very marked impact on levels of inequality and vulnerability." Critical situation in young people Young people bear the brunt and, as the report indicates, are barely able to own property. "The increase in rental demand would have been concentrated in this group, in lower-income households and in certain geographic areas," he points out. If in 2011 69.3% of those under 35 years of age owned their main home, in 2020 that figure has dropped to 36.1% . How much can the owner raise the rental price of your home in. The new housing law The Bank of Spain has celebrated the new housing law for placing "greater emphasis on the necessary increase in the supply of rental housing." However.