A renting generation
By Joe Wickman CASTELLÓN residents who want to buy their own home have to destine more than half of their wages to paying the mortgage, studies show.
Renting an apartment is becoming more and more common among the Castellón province youth, many of whom see it as the only viable option once the decision to leave the family household is made.
An average monthly mortgage payment was set at €610 for the year 2016, thus requiring that any given worker making €1,200 set aside half their wages to meet their financial commitments.
This has led to 55.1 per cent of independent youths electing to rent an apartment, while just 21.8% choose to take out a mortgage.
As a result, the price of renting an apartment has also increased substantially – a 12.4% rise last year alone.