Renting in Spain? A study alarmingly reveals that buying a house requires more money than renting.

A new alarming study shows that renting a home in Spain is more expensive than paying a mortgage.

According to a study by property portal Idealista, the money required to rent a house in Spain has increased to 36% the total income of a typical family.

That is significantly higher than the 25% required to buy a house – excluding the deposit homeowners put down to secure a mortgage.

There are only three locations in Spain – San Sebastian, A Coruña and Cadiz – where renting and buying need the same proportion of monthly income.

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Palma de Mallorca has the highest rents, where the average family must spend 46% of its income on a rental property.

Alicante (39%), Madrid (39%), Las Palmas de Gran Canaria (34%), Santa Cruz de Tenerife (33%), San Sebastian (31%) and Bilbao (31%), all have rental prices above the maximum of 30% recommended by experts for a two-bedroom apartment.

Sevilla, Ceuta, Salamanca, Granada and Santander are all below this level.

Ciudad Real has the lowest rents, with tenants only having to contribute 18% of their family’s total income.

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