To be able to buy a home, many factors must be taken into account, such as the available savings that are available, the annual family income, the price of the home that you want to buy, the possible discount that can be obtained or the mortgage conditions. For example, San Sebastián is the capital with the greatest imbalance between the current average household income (€45,031/year), according to idealista calculations, and the theoretical profit needed (€62,891/year) to be able to pay the mortgage payment. of a flat-type home for 437,000 euros, the average price of the offer in the city of the real estate marketplace in southern Europe.
In fact, Idealista has analyzed the housing market by provincial capital in the last quarter (the average price of all the flats advertised in this period on the platform) and has carried out a study in which it offers the annual family income necessary to buy a home, calculated from a fixed mortgage at 1.19% for 30 years, contributing 20% of the price as a down payment, also taking into account the discount for negotiation by zones, and maintaining the criteria of the main economic organizations that They advise allocating a maximum of one third of income to housing expenses.
Behind San Sebastian are Palma, Barcelona, Madrid or Bilbao. In all of the aforementioned, it is necessary for each household to enter more than now to be able to mortgage without great burdens.
In the Balearic capital, the current average income per household (45,000 euros/year) is also not enough to afford the mortgage with ease, which means paying for an apartment purchased for an average of 345,000 euros. The theoretical salary per household would amount to 49,463 euros/year, a smaller imbalance than in San Sebastian.
However, in Barcelona the difference between the theoretical and the real salary grows again to be able to pay for everything related to a house of 329,000 euros. Meanwhile, the real income per household is 38,413 euros/year, which should rise to about 47,413 euros/year to only allocate a third of them to the mortgage.
Among these cities, Madrid is the one with the least imbalance, although an average annual income of 42,824 euros is still not enough to buy a flat with better solvency at an average price of 302,000 euros. Therefore, the theoretical annual income should rise to 44,122 euros.
To complete the ranking of the capitals with the greatest housing income/expenditure imbalances, the average income per household in Bilbao reaches 34,824 euros/year, while the calculations for an affordable mortgage payment should rise to 40,004 euros per year for an average home of 280,000 euros.
In Valencia, Malaga or Seville it is more accessible to pay the mortgage on the house
For the rest of the provincial capitals, the payment of the housing mortgage is a more balanced expense, to a greater or lesser extent, within the idea of allocating a third of the household income to the payment of housing expenses. housing, and with the criteria applied to calculate the mortgage payment.
In important real estate markets such as Malaga (€36,857/year), Valencia (€34,536/year) or Seville (€35,550/year), the current average earnings of households are capable of assuming the payment of the mortgage for the purchase of an apartment with an average price of 198,000 euros, 191,000 or 175,000 euros, respectively. The theoretical calculation of household income in these three capitals to assume the mortgage would be: Malaga (€28,841/year), Valencia (€27,533/year) or Seville (€33,550/year).
In other cities such as Ávila, Huelva or Lleida, a lower annual income is needed to be able to face the mortgage payment if a household had to face the purchase of a home at the average price currently offered in idealista. And it is that, with the current average household income of €26,478/year, €23,873/year and €23,660/year, respectively, it is enough to buy an average flat for €100,000, €99,000 and €103,000 respectively. The theoretical balance in each of them would be €13,918/year, €14,251/year and €14,366/year.
