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Spain can offer $ 300 a month to remove adults from their parents’ home;  This is why

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Spain can offer $ 300 a month to remove adults from their parents’ home; This is why

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Spain will soon start paying young people nearly $ 300 to gently get them out of their parents’ homes. Pedro Sánchez, president of Spain, announced the proposal to give $ 289 to young Spaniards to encourage them to rent their own houses. The incentive is part of Spain’s budget proposal for 2022 and will need to be approved by parliament before it can start.

Spaniards between 18 and 35 years old who earn less than 23,725 euros per year will be eligible for the plan. Some of the most vulnerable families will receive additional subsidies that will cover up to 40 percent of their rental commitments.

While homeownership levels in Spain were higher than the European average, at 76.2 percent compared to 69.8 percent in Europe, the high level of youth unemployment has caused a contraction in the home market. rental. Spain’s youth unemployment level is the highest in the region, with 38 percent of the population out of work.

Although Spain has a tradition of children living with their parents until they are 30 (four years older than the European average), the confluence of high levels of home ownership and low income has caused rental prices to skyrocket even more. delaying the youth moving schedule.

The average cost of renting a one-bedroom apartment in the capital of Madrid was between 900-1,000 euros. Other prices have also skyrocketed, while the average salary for a Madrid resident is still around 1,600 euros for those lucky enough to have a job.

Spain was one of the most affected countries at the beginning of the COVID-19 pandemic, and the restrictions had an immense economic impact on the country.

Spain is not the only country where children have not moved or have not even moved with their parents as a result of the loss of disposable income as a result of the COVID-19 pandemic.

In the US, where many move often when they are as young as 18 and starting college, a record number returned to their childhood homes. An analysis by the Pew Research Center found that in June 2020, more young people were living in their childhood homes than independently for the first time since the Great Depression in the 1920s.

(Edited by : Shoma bhattacharjee)

First published: IST

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Spain can offer $ 300 a month to remove adults from their parents’ home; This is why

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