Sure! Here’s the translation into American English:
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The situation of the real estate market in Spain has reached alarming levels for most of the population. A recent study reveals that Spaniards need an average of 52 years of salary to purchase a home, reflecting the growing unaffordability of the sector.
The report highlights that the average price of homes has seen a considerable increase, especially in urban areas. Cities like Madrid and Barcelona have turned into true economic mazes for those looking to buy their own homes. The disparity between housing prices and workers’ salaries has intensified the housing access crisis, making homeownership an increasingly unattainable goal.
On the other hand, renting is not presented as a viable solution either. The study indicates that Spaniards must allocate 100% of their average monthly salary to cover rental costs, leaving most with virtually no room to manage other essential expenses. This situation has led many to consider living with family or roommates as a temporary solution, while others have been forced to postpone their plans for independence.
Authorities and experts have begun to emphasize the need for measures that regulate the real estate market and promote access to housing. However, so far, the response has been limited, and citizens continue to face a discouraging landscape.
The current situation highlights a structural problem within the housing market in Spain, which affects not only those seeking to buy or rent but also impacts the country’s economy and the quality of life of its residents. The lack of effective solutions could intensify the crisis and hinder the well-being of future generations.
Referrer: MiMub in Spanish
