Half of the Spanish Have Already Paid For Their Homes
November 26th, 2013
According to the conclusions of the latest survey on living conditions, which is published every year by the National Statistics Institute, 50.7% of Spanish families live in housing that has already been paid for, while 28.5% own a home but have an outstanding mortgage. A further 12% are paying rent at market prices, and 2.5% are renting accommodation at below market prices.
The percentage of households with homes already paid for has decreased compared to 2011, when the percentage was 52.3%. However, the household debt for the purchase of housing has reduced. In 2011, 29.9% of households had a mortgage while in 2012 the percentage was 28.5%.
Also highlighted in the National Statistics Institute survey, is the fact that the number of people living in rented homes has increased. In 2012 the figure was 12%, while in 2011 the percentage of households paying rent was 9.3%.
The regions with the highest percentages of home ownership are the Basque Country, with 87.5%, Cantabria (85.6%) and Asturias (84.7%). In contrast, the regions where fewer families own their own homes are the Balearic Islands, with 65.9%, the Canary Islands (73.3%) and Catalonia (74.4%). In Madrid the percentage of home ownership stands at 77.3%.
The survey also noted that the regions with the highest percentages of rented homes are the Balearic Islands, at 23.3%, Catalonia (16.4%), Madrid (16.9%) and La Rioja, with 14.9%.