Access to housing is more complicated for single people. In order to buy the most economical type, the studio, a single person needs to earn a minimum of 20,680 in the province that includes Lanzarote, Fuerteventura and Gran Canaria, according to a study published by idealista.com.
With that amount, a single person in the province could face the payment of the 517 euros of mortgage payment for the average price in the eastern islands of this type of property that amounts to 154,229 euros.
In addition to facing this fee, you should provide a total of 46,269 euros previously saved, which would be necessary as a contribution of 20% of the non-financed value and the approximate 10% of expenses and taxes.
On the contrary, if you choose to rent a studio, the necessary income would rise to 33,000 euros net per year, which would be necessary to pay the 825 euros per month it costs to rent a single-space home in the province of Las Palmas without exceeding 30% of the income recommended by experts.
Thus, to rent a studio in the province, a single person would need to earn 12,320 euros more than to buy.
The difference at the national level is even greater
At the national level, a single person needs to earn 18,080 euros net per year to face the payment of the 452 euros that would be enough to pay a mortgage payment of an average studio in Spain, whose price is 134,935 euros.
The previous savings would amount to 40,480 euros to cover the non-financed value and 10% of expenses and taxes.
To buy it, a single person in Spain needs 32,000 euros net per year to pay 800 euros of monthly rent without exceeding 30% of their income. Thus, to rent you would need 13,920 euros more than to buy.