The serious problems of young people to buy a home
If there is a group that has more difficulties to buy a home, those are the youngest. I am referring to those under 35 who want to buy their first home to start their personal projects. In this blog you will see the serious problems of young people to buy housing
The serious problems of young people to buy a home
It is almost impossible for them to access a home for one reason: they do not have enough savings to apply for a mortgage.
Although it is not the only reason why you cannot buy. We tell you about the problems of young people to buy a home:
job instability
The labor market in Spain has deteriorated significantly in recent years, creating precarious jobs, with low wages and short contracts.
This especially affects young people who see it as excessively difficult to get a permanent contract with a salary commensurate with their level of training.
Being the most academically educated generation, it does not manage to have job stability for a long period. And this leads to another problem
very high rents
The price of rents has skyrocketed in such a way that it has become a very serious problem for young people, who see how, between the rise in rents and prices in general, each time they have to allocate more resources to live rent.
And high rents coupled with low wages means there is no ability to save, and without savings it is almost impossible to access a mortgage.
High house prices
The sale prices of homes, especially those of new construction, do not stop rising. A young couple without children currently allocates more than 40% of their monthly income to pay mortgage or rent, while it would be advisable not to allocate more than 30%.
As long as prices do not rise according to salaries, it will be very difficult for the youngest to be owners and are condemned to rent or share a room.
Difficulty accessing a mortgage
The lack of savings and job instability make it extremely difficult for a bank to give them a mortgage. Sometimes, when a young couple goes to ask for a mortgage, the entity suggests the figure of the guarantor, but most no longer accept that their parents have to risk their assets for them. They want to answer for their debts and payments themselves.
In the event that the entity agrees, it usually grants them 80% of the purchase value, obliging them to contribute approximately 30% to cover the remaining purchase value and expenses, which is a very high amount.
Until the public administrations do not take effective measures to help those under 35 years of age to buy a home or to be able to access a social and protected rent, it is quite possible that buying a flat for young people will be extremely difficult.
If you are young and want to know what problems you may have and what Valoracasa can do for you, you can visit our page Mortgage Advice o Calculate your mortgage on our website or contact us at 695033558 or to the mail Cruzhumilladero@valoracasa.es
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