Spaniards need to have 44,000 euros saved to start buying a home.

The price vortex that has gripped the Spanish real estate market in recent years is forcing many citizens to scrounge for the necessary funds or simply abandon the purchase of a home, given the amount they must contribute to start the transaction. On average, the required savings are around 44,000 euros . However, as housing prices rise, the amount required to purchase a property also increases, both due to the amount not financed by the bank and the associated costs of taxes and paperwork that future buyers must assume.

The amount is not trivial given the current real income of a Spanish family, which is far from what they need to access housing, if that is their desire. The average gross salary is around €28,000 , according to the latest available data from the INE (National Institute of Statistics and Census). Although salaries have increased by 4% in the last year, they barely exceed €25,500 for women or €30,300 for men. In other words, in many cases, a married couple's income is needed for an entire year , which they would otherwise go without pay, to have the necessary funds to buy a home. Twelve consecutive months without pay to use their respective salaries to purchase the apartment they want.

This financial situation is a real obstacle, especially for young people, who find no alternative housing options to raise that money with salaries that remain paltry. Nor do they place their hopes in renting, with an average price of 1,000 euros in cities like Madrid or Barcelona . And even if they choose to rent a room, the average cost is now close to 600 euros in the capital. In other words, what used to cost almost an entire apartment now covers a space of just over 10 square meters.

The average €44,000 needed to purchase a home requires saving 27% of the value of the apartment or house you want, according to the latest data available from the Council of Notaries, as of June. These statistics from public notaries indicate that the mortgage loan amount represents, on average, 73% of the appraised value of a home. That is, for a €100,000 home, the bank finances approximately €73,000. The buyer must contribute the remainder, plus the associated costs, which everyone knows: agency fees, notary fees, and taxes.

The differences in monetary contributions are also notable when compared between autonomous communities. Where apartments are more expensive, much more savings are needed. For example, the Balearic Islands, Madrid, and Barcelona lead this ranking with required savings of €78,779, €74,126, and €70,537, respectively. "These are the three provinces where citizens need the most savings to be able to purchase a home," indicates the study prepared by Qualis Credit Risk Spain and Portugal. These low-income territories are closely followed by Guipúzcoa (€68,637) and Vizcaya (€58,521). At the other end of the spectrum are Ciudad Real (€18,916), Jaén (€19,409), and Zamora (€20,655), as the locations where residents need the least amount of savings to be able to purchase a home. "This initial outlay has become a significant barrier to entry into the mortgage market.

There are thousands of potential buyers who, while financially able to afford the loan, "don't have enough savings to make the down payment," says Jaime Marín, director of Qualis. This expert points out that "all this unmet demand is relegated to the rental market , which in turn leads to an increase in rental prices."

To address this situation, mortgage credit insurance is becoming more widespread in other European countries. This allows banks to offer mortgages of over 80% without increasing their credit exposure . This product is widely implemented in Italy, Germany, Portugal, and the United Kingdom, and has facilitated access to housing for a significant number of potential buyers, especially younger ones.