Spain hits record low number of homeowners after drop to 70.6%

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According to the Bank of Spain, households are taking on less debt but have greater difficulty accessing housing

Ana Cantero

Thursday, 16 April 2026, 14:51

Fewer and fewer Spanish households own a home. According to data from the survey of household finances the Bank of Spain conducted in 2024, the figure fell to 70.6% that year, compared to 72.1% in 2022. This is a marked downward trend that began in 2011.

The decline has been widespread, regardless of income and age, although in 2024 it was more pronounced among those in the highest income brackets, those with lower net wealth and those whose head of household was between the ages of 35 and 44.

While the survey observed an increase in homeownership among younger households, breaking the downward trend since 2011, it also included data concerning under-35s who were in a more favourable economic situation because they had become independent.

"Older generations acquired their homes when they were quite young and have shown very high homeownership rates throughout their lives," Director General of Economics at the Bank of Spain David López Salido said at the report's presentation. He added that the homeownership rate has increased slightly as young people have moved from 30 to 35 years old. He warned, however, that "it will never reach the levels of previous generations".

Among owners of their main residence, median net wealth rose by 8.4% between 2022 and 2024, while among non-owners the increase was 18.3%, although the latter group continues to have very low levels of net wealth. The decline in the number of homeowners was accompanied by a 4.8% annual reduction in aggregate debt over the same period, reflecting a process of "deleveraging".

The decision made at a young age to rent rather than buy has an impact on the figures. This lower level of debt relative to gross income, López Salido noted, is a "positive" factor because it makes them "less vulnerable to this decision to enter the housing market". "From the point of view of vulnerability, it is very healthy to have that lower proportion of debt," he said.

According to López Salido, people "born in different generations, face different job markets, perspectives and horizons and have different ways of planning". At the end of 2024, 54% of households had some type of debt, averaging around 30,000 euros.

The main residence was also the most important asset for families, representing 54.2% of the value of real assets and 41.7% of the value of total assets.

Median income reaches 2001 levels

Median income in 2023 surpassed the 2001 level for the first time - the highest level the survey had ever recorded. Between 2021 and 2023, aggregate income grew by 3.3% annually, with growth in all groups except for the wealthiest 10%. The lowest-income group (the bottom 20%) saw their income increase by 7%.

"Gross income is related to the dynamism of the labour market. We see this as positive, because it seems to be reflected more in these households with lower incomes, below the median," López Salido said.

By educational level, the median income increased in households with lower education - 4.4% in the median of households with education below high school diploma and 3.1% in those with one - while slightly decreasing (-0.8%) among those with university studies, although the average continued to grow very moderately (0.6%).

Unlike income, net worth had not yet recovered to pre-financial crisis levels. However, its increase was widespread, except among the highest-income group. In the case of the lowest-income group, the Bank of Spain said that the increase in net worth was due to debt reduction.

From current accounts to interest-bearing accounts

Households' financial assets also reached their highest level since the survey began, with a median of 17,600 euros compared to 6,000 in 2002. It is striking that those with the lowest incomes saw the greatest increase in their financial assets, specifically 7.3%, although the percentage increase is due to the fact that they started from a position of fewer resources.

López Salido said that there had been a significant shift in savings from current accounts to interest-bearing assets, largely due to greater financial literacy and financial sophistication among the population. Furthermore, among the highest-income respondents, there was a marked preference for unlisted shares.