Emancipation is the dream of many young people in Spain, but the truth is that few achieve it currently. This is shown by the latest edition of the Emancipation Observatory of the Spanish Youth Council, whose data reflects that the first half of 2024 recorded the “worst youth emancipation data in history.”
According to the report, “the rate of youth emancipation in Spain is at 14.8%, reaching an all-time low since records began”. But why is it if in previous editions there was an upward trend in the emancipation of young people?
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As they explain, labor improvements and the increase in the Minimum Interprofessional Wage (SMI) have not been enough to combat the high housing prices. These have cut short the possibilities of young people to leave the family home and establish a new life independently.
An unbridgeable gap between rising wages and housing prices
The rents are at historic highs, reaching 1,072 euros according to data published in the observatory, which is 13.6% more than what was paid to rent a home the previous year.
Based on market developments and longer-term salaries. Since 2008, young people’s salaries have increased by 10.8% while rental prices have increased much more rapidly, now costing 54% more.
If compared with figures, these data are much more striking, and it is that The 1,048.19 euros that young people charge on average would not be enough to cover the average price of a rental, which is 1,072 euros. To this we would also have to add other expenses such as supplies, which according to the report would be around 120 euros.
For this reason, they point out that “74.5% of the young working population still lives in the family home”, and that “those who manage to emancipate themselves do not have a better perspective”, since they are over-indebted.
Young people in Spain do not have it easy and that is because 3 out of 10 are at risk of poverty or social exclusionl, and having a job exempts you from being in this situation, since more than 22% are in this situation despite having a job.