Living alone in Spain is becoming increasingly difficult, with a new study revealing that a single person now needs a net annual income of at least €20,920 just to buy the average studio apartment in the country.
The analysis, carried out by Idealista, found that purchasing the typical studio requires not only a mortgage payment of around €523 per month, but also savings of roughly €47,700 upfront to cover the deposit and associated taxes and fees.
The average studio apartment currently costs €159,000 nationwide.
For renters, the picture is even tougher.
According to the study, a person living alone would need a net salary of around €34,000 per year to rent the average Spanish studio without exceeding the widely recommended limit of spending more than 30% of income on housing. Average studio rents now stand at €850 per month across Spain.
Malaga among Spain’s most expensive cities for singles
The figures highlight the growing challenges facing single buyers and renters on the Costa del Sol.
In Malaga city, a person living alone would need a net annual income of €26,080 to buy a studio apartment, which currently has a median price of €198,000.
They would also need savings of approximately €59,400 before even applying for a mortgage.
For those hoping to rent instead, the required income jumps significantly. A single person would need to earn around €34,000 net per year to comfortably afford the average Malaga studio, where rents are now around €850 per month.
Only a handful of Spanish cities demand higher earnings from solo residents, including Madrid, Barcelona, Palma, Valencia and Bilbao.
Buying is now cheaper than renting
One of the study’s most striking conclusions is that, in many parts of Spain, buying a studio is now financially easier than renting one, provided buyers have the necessary savings for a deposit.
Nationally, the income required to rent a studio is more than €13,000 higher than the income needed to buy one.
The same trend is visible in Malaga, where a single buyer needs an annual income of €26,080 to purchase a studio, compared with €34,000 to rent one.
The toughest places for singles
Madrid tops the list of Spanish cities where single residents need the highest earnings to buy a studio, requiring net annual income of €32,600. Palma follows closely with €32,280, while Bilbao stands at €31,600.
When it comes to renting, Madrid, Barcelona and Palma are jointly the most expensive locations, with singles needing net incomes of €44,000 a year to stay within recommended affordability limits.
The study underlines how increasingly difficult it has become for people living alone to access housing, particularly in major cities and popular coastal destinations where property prices and rents continue to outpace wage growth.
