Óscar, a 49, returns to his parents after failing to save 70,000 euros for a down payment
Óscar Romero, an aerospace worker, could not afford the 70,000-euro down payment for a home in Spain and moved back in with his parents, sparking debate on housing costs.
English · Original discussion in Spanish · Published
Óscar, 49, aerospace worker: needs 70,000€ down payment and moves back to his parents
A 49-year-old aerospace worker, divorced with two children, had to return to his family home because he could not afford the 70,000€ required as a down payment for a property. The story of Óscar Romero, originally published by El Español, has peine the debate on housing access in Spain and its multiple causes: from rising taxes to the economic consequences of divorce.
The burden of taxes on the down payment
The 70,000€ figure is not coincidental: it corresponds to 20% of the appraised value (which banks do not finance) plus property transfer taxes (ITP) or VAT, which in many autonomous communities have risen from 6% in 2008 to 10% today. For a property valued at 235,000€, the buyer needs about 70,000€ in actual down payment. In 2008, the same operation would have required about 8,000€ less just due to the tax differential.
Divorce: the silent factor that shatters savings
Óscar is not a young person without income: he has been working for 30 years and earns about 2,200€ monthly over 14 payments, according to a relative cited in the debate. But the divorce cost him the family home, which his ex-vvife now enjoys, and he must pay child support and a portion of the mortgage. Several analyses indicate that 90% of long-term divorces leave the man with less than 20% of the accumulated wealth. The inability to save a second down payment is the direct consequence.
Sacrifice or broken system?
While some argue that the solution lies in giving up luxuries — "I saved 50,000€ without going to restaurants or traveling" — others point out that rising prices and increased taxes make it impossible even with effort. The average savings of a Spaniard range from 5,000 to 10,000€, far from the 70,000€ required. The question that remains in the air: how much must a person give up to have a roof?
Related forum debates
A 49-year-old aerospace worker, divorced with two children, had to return to his family home because he could not afford the 70,000€ required as a down payment for a property. The story of Óscar Romero, originally published by El Español, has peine the debate on housing access in Spain and its multiple causes: from rising taxes to the economic consequences of divorce.
The burden of taxes on the down payment
The 70,000€ figure is not coincidental: it corresponds to 20% of the appraised value (which banks do not finance) plus property transfer taxes (ITP) or VAT, which in many autonomous communities have risen from 6% in 2008 to 10% today. For a property valued at 235,000€, the buyer needs about 70,000€ in actual down payment. In 2008, the same operation would have required about 8,000€ less just due to the tax differential.
Divorce: the silent factor that shatters savings
Óscar is not a young person without income: he has been working for 30 years and earns about 2,200€ monthly over 14 payments, according to a relative cited in the debate. But the divorce cost him the family home, which his ex-vvife now enjoys, and he must pay child support and a portion of the mortgage. Several analyses indicate that 90% of long-term divorces leave the man with less than 20% of the accumulated wealth. The inability to save a second down payment is the direct consequence.
Sacrifice or broken system?
While some argue that the solution lies in giving up luxuries — "I saved 50,000€ without going to restaurants or traveling" — others point out that rising prices and increased taxes make it impossible even with effort. The average savings of a Spaniard range from 5,000 to 10,000€, far from the 70,000€ required. The question that remains in the air: how much must a person give up to have a roof?
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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 (284 replies).
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