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NextGen Magazine

 
 

Spain Proposes Paying Young People to Move Out of Parents' House

By:
Chris Gaetano
Published Date:
Oct 8, 2021
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The president of Spain has proposed paying young people 250 euros (about $290) a month to move out of their parents' homes and rent a place themselves, CNBC reported. People between the ages of 18 and 35 who earn less than 23,725 euros a year (about $27,521) would be eligible for the program, with those in especially difficult situations able to get additional subsidies covering up to 40 percent of rent. 

The program is meant to address two issues at once. First, the average age that people in Spain move out on their own is around 30, four years later than the typical European Union average; second, there is a large bias toward homeownership in Spain, with fewer than one in four people renting. This program is aimed, therefore, at getting young people out of the house as well as stimulating demand for rental properties. 

Rent for a one-bedroom apartment in Madrid, the capital, runs around 1,000 euros a month (about $1,160).