The problems young Spanish adults face flying the nest are still considerable say the Independence Observatory in a report for Q2 2014, presented by the Spanish Youth Advisory Board (CJE).
The main conclusion is that almost 80 per cent of Spaniards under 30 live with their parents. Why? Because young adults still need to spend 61.2 per cent of their salary to afford a home, despite the crash in prices.
This financial strain exceeds the maximum recommended by all national and international official bodies by 30 to 35 per cent. Furthermore, this percentage is the benchmark set by banks to approve mortgages to buy a property in Spain.
This problem, among others put forward by the CJE, leads to another challenge – young people would have to earn 104.09 per cent more in order to get a mortgage, that or the biggest property they can aspire to has 49 square metres.
According to the CJE, 22.1 per cent of the under 30s who have managed to move away from home in Spain show “the delicate youth job situation and the tough property market conditions, beyond the reach of most young people’s pockets”.
To back this up, the CJE points out that the unemployment rate for the under 25s is over 55.5 per cent with the rate for young people between 25 and 29 at 30 per cent, and the rate for people between 30 and 34 almost at 24 per cent.
The President of the CJE, Héctor Saz, reported that for young Spaniards, “leaving home is a utopia” and called on the government to “invest in setting up employment reform guaranteeing rights, quality and fair working conditions for young people”.
He added that “exclusion from the employment market and instability in the jobs available for young people are the main reasons why they cannot leave home”.