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Wage gap: it costs a woman six years more to buy a house than a man

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The wage gap between men and women also influences when buying a home. In fact, it would take a woman six years longer to buy a house than a man. Furthermore, a single woman would find it practically impossible to buy a house in most of the Spanish Autonomous Communities, with the exception of Murcia, Castilla-La Mancha and Ceuta.

Specifically, to be able to afford a house in Spain, a single woman would have to pay about 600 euros a month for 25 years. And that’s just for the mortgage. Saving for a down payment on a house (approximately 33,000 euros) would take an average of 16 years.

This means that a single woman in Spain would take about 41 years to finish paying off a property, and in most cases access to a mortgage would be almost impossible. In the case of a single man, this average would be reduced to 35 years. That is, a woman would take six more years buy a house than a man.

This is based on the latest study carried out by the Raisin savings platform, which collects information on the salary and the average price of housing in different Spanish regions, as well as the average expenditure per household, in order to determine how long it would take to average citizen buy an average house.

It also reflects that saving for a down payment on a home would take a couple or a single man more than 10 years on average and more than 15 in the case of a single woman.

ACCESS TO HOUSING WITH AN AVERAGE SALARY, UNSUSTAINABLE

On the other hand, the platform highlights that citizens have to make, increasingly, an enormous economic effort to be able to raise the money to pay the entrance, the initial costs such as the deed or property taxes and to be able to afford a monthly amortization. higher and higher.

As they explain, the average price of a house in Spain is 164,390 euros, while the average net salary of a family is around 38,000 euros per year. Deducting the basic expenses (28,805 euros) and considering that only half of the remaining income (8,664 euros) will be used to pay the ticket, the budget that a couple has left is 4,759 euros per year, about 400 euros per month.

Taking this information into account, a family in Spain would take approximately 10 years to save for a down payment and 25 years to pay a mortgage. And that once the monthly expenses are mortgaged and covered, they will have approximately 200 euros per month to allocate, for example, to their savings or unexpected expenses. Paying a monthly mortgage, even with the average salary, is clearly an effort that not everyone can afford, and it costs an average family almost 75% of their salary (after their basic expenses).

By Autonomous Community, considering the average price of a home in Madrid (279,735 euros) and the Balearic Islands (254,915 euros) and the average salary of an average family in both communities is 44,852 euros and 37,995 euros, respectively, access to housing in these cities, even with two salaries, it becomes impossible. The mortgage on a house in these two regions with these conditions is between 900 and 1,000 euros per month and it would take a family between 43 and 48 years old to be able to pay it in full.

Although the repayment period available will depend on the bank with which the mortgage is contracted, the most common is that the maximum is 30 years, and the conditions and requirements are usually very strict. And of course, the longer the repayment term, the higher the interest, which influences the total price of the property.

In contrast, Asturias and Castilla-La Mancha offer more encouraging data. These two Spanish regions are the only ones that would allow a family to have more than 500 euros per month once the mortgage and monthly expenses are paid, more than 600 in the case of Asturias. In other words, once the cost of living has been deducted, the mortgage for an Asturian family would mean over 40% of their remaining income, 38% in the case of Castilla-La Mancha.

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