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Spain plans to offer young people aged 18 to 35 250 euros ($ 289) per month to encourage them to move out of their parents’ house and rent.

Spanish President Pedro Sanchez announced the proposal on Tuesday, as part of the government’s 2022 budget.

Young people earning less than 23,725 euros per month would be eligible for the rent bonus, if the budget proposal is approved. In addition, the most vulnerable families may be offered additional subsidies covering up to 40% of their rent, according to the government’s announcement.

“We are talking about a fair economic recovery and that means facilitating access to housing, especially for those who are most vulnerable to precariousness, such as our young people,” Sanchez said, making the announcement at an organized event by the United Nations Human Settlements Program. , known as UN-Habitat.

Eurostat The data of 2020 showed that people in Spain left their parents’ home at around 30 on average, four years later than the typical age for the European Union as a whole of 26.

A report by US think tank Brookings, published in April, said less than one in four homes were rented in Spain. However, the report noted that there had been a gradual growth in demand for rentals, due to job insecurity and low wages preventing young people from buying homes, as well as greater cautious banks to offer mortgages.

According to The data published by Eurostat, a one-bedroom apartment in the Spanish capital of Madrid was estimated at 1,000 euros per month to rent in 2020.

Separate data from Eurostat showed that in 2020, a single childless person in Spain had a net income of around € 21,241, which was slightly lower than the EU average of € 24,005.

To verify: How to save more and reach your financial goals by the end of the year

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