economy

Residents of the Canary Islands spend nearly 70% of their salary on rent


Paying rent in the Canary Islands consumes, on average, 69.5% of the typical monthly salary, significantly higher than the national average of 56.2%, according to a report from the Asociación de Usuarios Financieros (Asufin). Only in regions such as the Balearic Islands (77.2%), Catalonia (70.4%), and the Community of Madrid (69.7%) is this percentage higher, illustrating the significant financial strain for renters in these areas.


Asufin’s data, which cross-references information from the National Statistics Institute (INE) and real estate portals, reveals that across Spain, 56.2% of the average gross monthly salary (2,245.74 euros) is dedicated solely to covering rent, which averages 1,261 euros per month nationwide.

Regional Comparisons

Residents of the Canary Islands spend nearly 70% of their salary on rent

In the Balearic Islands, the situation is even more critical, where 77.2% of the average salary (2,262.15 euros) is required to afford the average monthly rent of 1,746 euros. Catalonia follows, with renters spending 70.4% of their income (an average salary of 2,397.88 euros) to pay an average rent of 1,687.80 euros.

The Community of Madrid is not far behind, where an average rent of 1,813.90 euros consumes 69.7% of the region’s average salary (2,602.56 euros).

In the Canary Islands, the average rent stands at 1,338.60 euros, while the average salary is 1,924.74 euros, resulting in a significant 69.5% of the wage going towards rent, making it one of the highest rent-to-income ratios in Spain.

Regions with Lower Rent Burden

Conversely, regions such as Castilla-La Mancha (34.8%), Extremadura (37.7%), and La Rioja (38.3%) have the lowest percentage of salary dedicated to rent, highlighting the disparity in living costs across Spain.

Asufin notes that these rent-to-income ratios far exceed the recommended threshold, which suggests spending no more than a third of one’s income on housing. The association has urged the government to adopt targeted policies to address the problem of soaring rental prices in Spain, suggesting initiatives like dedicating more land to public rental housing aimed at vulnerable groups, such as young people and families in need.


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