Spanish Families Spend Nearly A Quarter of Budget on Housing

Spanish households spend an average of 23.58% of their annual family budget on their mortgage or home rental payments, according to a recent study by pisos.com, based on the latest family budget survey data from the National Statistics Institute.

Specifically, according to Europa Press, the cost of renting a home requires an average of 25.71% of the household budget, compared with the average cost of paying a mortgage, which stands at 21.46 of the budget.

The regions where home rental costs account for a greater part of the household budget are the Basque Country (34.36%), Madrid (35.89%) the Balearic Islands (30.45%) and Valencia (30.34%), while the regions with the most affordable rental prices are Castilla La Mancha (21.09%), Galicia (21.34%), Navarre (21.70%) and Cantabria (22.09%).

With regard to homeowners, the regions where a higher proportion of the household budget is required for mortgage payments are the Basque Country (31.77%), the Balearic Islands (27.22%), Madrid (24.43%) and Cantabria (23.64%), while in contrast, the most economical regions are Castilla La Mancha (14.95%), Navarre (16.53%), Murcia (16.97%) and Aragón (17.94%).