Only residents of the Balearic Islands, Barcelona and Madrid have to make a slightly higher effort.
A study carried out by the Idealista real estate portal has revealed these data, and also that living in San Sebastián, Barcelona or Madrid supposes an effort greater than a third of the family income. This study has been done by crossing the prices of housing in March 2022 and the estimate of income at the same time.
Las Palmas is the province where families have had to tighten their belts less, going from a rate of 25.6% of family income in the first quarter of 2021 to 22.8% this year. It is followed by the falls in Cádiz (from 20.7% to 18.1%) and Málaga (from 23.6% to 21.1%).
On the contrary, people who live in Madrid must make a greater effort than in 2021, since they have to allocate 28% of their income to the purchase of a house, compared to the previous 26.5%. In Barcelona, the requirement has risen from 29.5% to 30.2% and in the Balearic Islands from 25.3% to 25.6%. But if there is a province where residents must make an extra effort, that is Guipúzcoa. It is necessary to allocate 33% of family income to housing payment, the maximum limit set by experts.
The least effort, on the other hand, is made by the citizens of Cuenca, with 10.3%, followed by those of Teruel with 10.6%.
The inhabitants of the capitals, on the other hand, do have to allocate most of their income to housing this year. The most pronounced rise is that of La Palma, which has gone from 24.4% to 27.4% of family income. They are followed by Barcelona (from 35.3% to 38.1%), Girona (from 20.4% to 21.2%) and San Sebastián (from 39% to 39.6%).
As we mentioned at the beginning, only 3 capitals require an effort of more than a third of income to pay the rent. San Sebastian (39.6%), Barcelona (38.1%) and Madrid (33.4%).
On the opposite side we find Ávila. Its citizens only have to allocate 13.1% of what they earn to housing.
The calculations are made based on the value of the home, whether for sale or rent, together with estimates of net family income. These values are extracted by the real estate portal from the data it has on the average prices of each city. In the case of net family income, since there is no official and current data by city, they use machine learning models. These models combine the information of several socioeconomic metrics and allow them to obtain a reliable estimate of the level of income.
More information in idealista news.