Being young and owner: how to avoid difficulties for the first home


The UVA credits and the IVC First House BA credit line are praised by the Buenos Aires authorities when it comes to highlighting the facilities to achieve the first home. However, a report from the Ombudsman’s Office indicated one of the weak points of both policies: the youngest sector of the economically active population. According to the document prepared by the defender Arturo Pozzali (UCR), young people between 19 and 29 years have almost no chance to qualify for any of the two lines of credit. In Buenos Aires, and according to the last census, there are 502,400 young people in that age range. From this figure, the average monthly income according to the General Directorate of Statistics and Census of the City ( ETOI ) is $ 12,955.82 (the figure corresponds to the last semester of 2017). That number in turn is discriminated against. Young people between 19 and 24 have an average monthly income of $ 10,350.90, while the range of between 25 and 29 already have almost double more income with an average of $ 15,387.10. However, 46% of young people, according to a study from the Faculty of Economic Sciences based on the Annual Household Survey, determined that 46% of youth living in the City rent, 38% do so in their parents’ homes or with them, and 16% do so in which they can be purchased by them, granted to live for work reasons or that is occupied. These numbers in turn are also broken down. 58% of those between 25 and 29 years old rent a house. Precisely the launch of the UVA credits had as platform that the rent is greater than the payment of the quota, with what it sought to be attractive for the citizens. Search for apartments for purchase On average, the square meter in Buenos Aires has a cost of US $ 2,310, with strong oscillations between the most expensive areas, such as the northern corridor, and cheaper ones such as the south. The average value of a monkey environment, as recorded in listings of real estate chambers, is US $ 128,954. The average rent for this monkey environment fluctuates between $ 9,114 and $ 10,945. The program of the IVC, First House BA establish that the minimum requirement to access this line of credit is to have a salary of a certain amount of fixed units of measure, which are updated with the price of a liter of naphtha premium of YPF. Today that sum is $ 19,000 per month. According to the average income that the ETOI , which is $ 12,955, almost impossible for a young person to access that line. Within the same statistics it is clear that 21.41% of the sample gets an income greater than or equal to $ 19,000 per month, so that almost 80% can not access. On the total of cases analyzed, it appears that the percentage that could be applied to obtain the credit in the general group (from 19 to 29 years), in the ETOI, is 1.50% that receives income equivalent to two salaries minimum, vital and mobile ($ 19,000), 12.59% get income between $ 20,000 and $ 25,000 and the remaining 7.35% have incomes greater than $ 25,000. The EPH brings us similar percentages, 1.02% of the total, has revenues of $ 19,000, 10.20% between $ 20,000 and $ 25,000 and the remaining 4.59% receives more than $ 25,000. If we return to group analysis by group, it emerges that about the total of young people from 19 to 24 years of age, in the ETOI, 0.62% perceive income equal to $ 19,000, 7.45% between $ 20,000 and $ 25,000 and the 4.04% remaining more than $ 25,000; proportion that decreases considerably if we take the EPH being 0%, 7.34% and 2.75% according to each case, respectively. On the total of cases of the group of 25 to 29 years, the following analysis emerges, in the ETOI, 2.32% perceive income equal to $ 19,000, 17.39% between $ 20,000 to $ 25,000 and the remaining 10.43% more of $ 25,000. This proportion decreases again if we take the numbers provided by the EPH being 2.30%, 13.79% and 6.90% respectively. As for fixed-rate loans, fixed-rate loans that the income-income ratio can not exceed 40% of net income, so, in the case of those young people who charge only $ 19,000, the fee may not exceed $ 7,600, so the maximum amount you could ask for would be $ 518,064 that would represent 85% of the value of appraisal or purchase of the property that is lower, must have a previous saving of $ 91,423 and the maximum value of the house to acquire would be $ 609,487 which is $ 29,803, amount with which no Acquires no home in the City. Search apartments for sale Regarding UVA credits, the quota-income ratio must not exceed 25% of the applicant’s net income. Again, for the cases of young people whose income is $ 19,000 we would have the following relationship: the maximum monthly fee that could be paid initially would be only $ 4,750 representing 213.58 Grapes monthly the maximum amount that could be received would be $ 663,408 that represents 78% of the value of appraisal or of purchase of the property that is smaller, having to have $ 187,115 of previous saving; therefore, the maximum value of the property to be acquired would be $ 850,523, which represents US $ 41,590. Arturo Pozzali, the deputy defender who prepared the report “We live in the richest society in the country, the State does not have to be at the service of the big construction companies to do business of towers, but also to think about social housing and the construction of an egalitarian and young citizenship, which allows this age range access their first home, “he remarked Pozzali . Report
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