Rate of Spaniards leaving mum on the up

3rd August 2006, Comments 0 comments

3 August 2006, MADRID – The rate at which young Spaniards leave their parents is climbing, according to a new report by Objovi, which monitors housing issues for young people.

3 August 2006

MADRID – The rate at which young Spaniards leave their parents is climbing, according to a new report by Objovi, which monitors housing issues for young people.

The latest figures for last year show the rate at which Spaniards aged 18 to 34 became independent rose by almost 7 percent to an independence rate of 41.4 percent.

Spanish 20s and 30-somethings still have a long way to go, however, to shrug off their reputation of hanging on too long to the parental nest.

A quality of life study published by the European Foundation for the Improvement of Living and Working Conditions in 2003 showed that while 64 percent of young men in Europe were independent, in Spain the level was just 55 percent.

A total of 73 percent of female 18-34-year-olds lived at home, according to the results, compared to 66 percent in Spain.

Objovi believes one of the main reasons for Spain lagging behind European independence rates is due to the fact that they cannot afford to rent or buy a place of their own.

Objovi said on average young people would need to spend 53.2 percent of their salary to buy a place. If they only spent 30 percent, the flat would be 56.3 squared metres.

And the situation is worse in several Spanish regions.

In Madrid, young people would have to earmark 70.5 percent of their salary to buy a place, in the Basque Country 66.4 percent and in Catalonia 55.4 percent.

Young people’s salaries go furthest in Extremadura where 32.5 percent buys a flat. In Castilla and Leon, youngsters have to spend 42 percent and in Galicia 43 percent.

[Copyright EFE with Expatica]

Subject: Spanish news

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