A rent­ing gen­er­a­tion

Costa Levante News - - NEWS -

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.

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