The Spanish Prime Minister Pedro Sánchez announced that his government is worried that too many young adults live with their parents well into their thirties.
Pedro
The government of Spain has revealed plans to pay adults between the ages of 18 to 35 around €250 ($290) in order for them to leave their parents.
The Spanish Prime Minister Pedro Sánchez announced that his government is worried that too many young adults live with their parents well into their thirties.
According to Quartz, the initiative is part of a broader housing plan which will apply to adults who earn less than $27,398 per year. The stipend is expected to cover housing rent and will last for two years.
The severe effects of the pandemic affected Spain’s jobs market, causing youth unemployment to rise by 38% as the country’s rental market continues to shrink.
While the majority of the population owns, rather than rents, their home, low supply, coupled with high demand has caused rents to rise which makes it harder for young people to save up enough to move out.