Man sleeps in his car for six years to save €40,000 for a house in Spain
A man has lived in his car for six years to save €40,000 and buy a house outright. Is it possible? A look at the numbers and the alternatives.
English · Original discussion in Spanish · Published
Living in a car to buy a house: the math that doesn't add up
A 1.85-metre-tall man spends his nights in a 20-year-old SEAT Ibiza. He earns €21,000 gross a year and has been saving for six years to buy a home outright, without going through the bank. His goal: €40,000. His problem: neither in the Community of Madrid nor in Asturias can he find a habitable house at that price. The story, which has gone viral on social media, has reignited the debate about housing affordability in Spain and the limits of individual sacrifice in the face of a property market that moves faster than any savings rate.
The numbers behind the impossible 'challenge'
According to the details circulating, the man earns €21,000 gross a year. With maximum savings of €700 a month (after minimal expenses for food, insurance and fuel), he would have accumulated around €40,000 in six years. An amount that in Madrid barely buys a storage room or a garage. In areas such as eastern Asturias, prices for renovated flats start at €65,000, and plots with derelict buildings don't go below €40,000 once you add the ITP (Spain's property transfer tax, 8%) and notary fees, which come to around €5,000 extra. That leaves a real budget of about €35,000 for the purchase, not enough for a habitable home with a working kitchen, heating and bathroom.
The campervan alternative and the 'banking collapse'
One line of opinion argues that, since buying is impossible, the solution is to embrace the nomad life. Second-hand motorhomes at €90,000 are out of reach, but converted camper vans could cost half that. However, the man has admitted that his goal is a fixed home, not a house on wheels. Another recurring theme is the antiestéticar that savings will vanish if the banking system collapses: it's mentioned that Spain's Deposit Guarantee Fund has barely €3 billion to back €1.2 trillion in deposits, and that Banco Popular was 'sold for a song'. Although these antiestéticars are closer to conspiracy theory, they reflect a real distrust of the financial system that leads some people to prefer cash and direct purchases.
The case of this 'wandering wolf' is not an isolated one. More and more people in precarious situations are choosing to live in vehicles to escape abusive rents. But the question that remains is whether extreme sacrifice pays off, or whether, as sceptics predict, the property market will simply keep moving the goalposts. Meanwhile, the man keeps sleeping in his car, with €40,000 in his pocket and a dream that fades as the months go by.
Related forum discussions
A 1.85-metre-tall man spends his nights in a 20-year-old SEAT Ibiza. He earns €21,000 gross a year and has been saving for six years to buy a home outright, without going through the bank. His goal: €40,000. His problem: neither in the Community of Madrid nor in Asturias can he find a habitable house at that price. The story, which has gone viral on social media, has reignited the debate about housing affordability in Spain and the limits of individual sacrifice in the face of a property market that moves faster than any savings rate.
The numbers behind the impossible 'challenge'
According to the details circulating, the man earns €21,000 gross a year. With maximum savings of €700 a month (after minimal expenses for food, insurance and fuel), he would have accumulated around €40,000 in six years. An amount that in Madrid barely buys a storage room or a garage. In areas such as eastern Asturias, prices for renovated flats start at €65,000, and plots with derelict buildings don't go below €40,000 once you add the ITP (Spain's property transfer tax, 8%) and notary fees, which come to around €5,000 extra. That leaves a real budget of about €35,000 for the purchase, not enough for a habitable home with a working kitchen, heating and bathroom.
The campervan alternative and the 'banking collapse'
One line of opinion argues that, since buying is impossible, the solution is to embrace the nomad life. Second-hand motorhomes at €90,000 are out of reach, but converted camper vans could cost half that. However, the man has admitted that his goal is a fixed home, not a house on wheels. Another recurring theme is the antiestéticar that savings will vanish if the banking system collapses: it's mentioned that Spain's Deposit Guarantee Fund has barely €3 billion to back €1.2 trillion in deposits, and that Banco Popular was 'sold for a song'. Although these antiestéticars are closer to conspiracy theory, they reflect a real distrust of the financial system that leads some people to prefer cash and direct purchases.
The case of this 'wandering wolf' is not an isolated one. More and more people in precarious situations are choosing to live in vehicles to escape abusive rents. But the question that remains is whether extreme sacrifice pays off, or whether, as sceptics predict, the property market will simply keep moving the goalposts. Meanwhile, the man keeps sleeping in his car, with €40,000 in his pocket and a dream that fades as the months go by.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (48 replies).
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