Access to housing has become one of the main economic challenges for households in the Balearic Islands. According to a report published by Idealista, based on data from the third quarter of this year, Balearic families spend an average of 50% of their income on rent — one of the highest rates in the entire country. When it comes to buying a home, the financial effort also rises sharply to 47%, making the archipelago the region where it is most difficult both to rent and to purchase property.
Lack of supply and rising prices
At a national level, the study notes that the average household spends 36% of its income on rent, more than ten points higher than the effort required to buy a home (25%). Experts recommend that no more than 30% of monthly income be devoted to housing — a threshold that the Balearic Islands far exceed.
The shortage of available housing and the constant increase in prices are identified as the main causes of this situation. The report highlights that only Málaga surpasses the Balearic Islands in rental effort (52%), while in terms of home purchases, the islands top the national ranking, followed by Málaga (45%) and Santa Cruz de Tenerife (35%).
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