Young Spaniards become homeowners at 31

The typical profile of young owners in Spain corresponds to an average 31-year-old, with little capital saved, which needs 90% financing and opts for a variable or mixed mortgage, depending on Real Estate Credit Union (UCI).

Home sales in the first quarter of the year increased by 1.5% year-on-year. In addition, last June this figure soared 71.2%, compared to the same month of 2020, according to data from the National Institute of Statistics (INE).

Variable or mixed rate mortgages, the most common among young people

In this context and according to the data of the operations formalized by UCI, young Spanish people from 25 to 34 years old buy homes with average prices of 190,973 euros and mainly opt for variable or mixed rate mortgages, which reach up to 90% financing and average amounts of 172,675 euros, 29% more than the national average of 133,611 euros.

Young Spaniards with an average salary of 19,563 eurosAccording to the INE, they need 8.82 years of full annual salary to face a typical mortgage of 172,675 euros. And having spent at least 5 years saving half of his salary to have the entrance.

Regarding the type of housing, seven out of ten (68%) of these buyers choose flats, while 32% opt for single-family or semi-detached houses.

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