The price of housing does not stop rising and Madrid is one of the Spanish cities where buying a house or apartment is more expensive. The price of real estate has risen 20.4% since last November according to data published by the Idealista real estate portal, and given these data many are wondering, How much do you have to earn to buy an apartment in Madrid?
This same report reveals that the average price per square meter for a home for sale in Madrid in November 2024 was 4,891 euros. According to the portal, the average surface area of apartments in Spain is around 97 square meters, therefore, A standard apartment in Madrid would cost on average around 474,000 euros.
Based on this data, calculations could be made of the monthly income necessary to be able to buy an apartment for 474,000 euros in Madrid.
How much do you have to earn per month to be able to buy a home in Madrid
One of the simplest ways to calculate the money needed to charge per month to be able to buy an apartment in Madrid is to use a simulator, and Bankinter has one available on its website, in which by entering a few data you can make an estimate.
For the floor described, it is estimated that A monthly income of 3,750 euros would be necessary if you have no other debts. In this way, the entity indicates that the maximum value of the home would be about 475,000 euros and that if a mortgage is needed, it would be necessary to have a down payment of about 125,000 euros saved, plus the amount of expenses and taxes that would amount to 30,800 euros. .
Another alternative when using this simulator is to add the salary that is charged to determine the maximum that could be invested in the purchase of a home. In this way, taking into account that the average salary in Spain according to the National Institute of Statistics (INE) is 26,949 euros, which would be equivalent to 2,245 euros per month.
With this monthly income, the Bankinter simulator estimates that 284,466 euros could be invested in the purchase of an apartment in Madrid. In the case of financing for 30 years with a mortgage estimated at 1.5%, it would be necessary to provide around 75,000 euros as an entry and about 19,000 euros to cover the expenses and taxes derived from the purchase and sale.