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Thursday, March 28, 2024

Spain offering $300 for youngsters to leave parents’ home

MADRID – In an interesting development in the Southwestern European country, the Spanish government is looking to offer around $300 for adults as a cash incentive to move out from their parent’s residence.

Spanish Prime Minister Pedro Sánchez has proposed the rental subsidy for people aged 18-35 who earn less than 23,725 euros a year as officials seemed to be worried about young people who are still living with their parents.

Meanwhile, the Spanish government also announced extra subsidies for vulnerable families covering around 40 percent of their rent.

Spanish PM made the announcement at a UN event also known as UN-Habitat. “We are talking about a fair economic recovery and this means facilitating access to housing, especially for those who are most vulnerable to precariousness, such as our young people”, the statement added.

Spanish officials also mulled establishing a permanent basic income in order to help people get back on their feet as Covid affect the economy.

Data shared by Eurostat, a Directorate-General of the European Commission, showed that Spanish children left their parent’s residence around four years later as compared to the European Union though it also depicted growth in demand for rentals, as job insecurity and low salaries prevented people from buying residence.

Some reports cited that a one-bedroom apartment in the Spanish capital cost around 1,000 euros a month to rent last year while another study revealed that a single person earned around 21,241 euros, while most EU residents earn 3,00 Euros extra.

Meanwhile, the country of around 47.35 million residents has one of the highest levels of unemployment for under-25s across Europe.

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