According to this study, which is based on the analysis of loan files finalized in 2020 by the Financing Center, the typical profile of the borrower for the purchase of a main residence is mostly a 27-year-old man with with an average annual income of € 37,200 net. Or the equivalent of € 3,100 net per month …
This is of course an average, but it is a sign that young buyers must demonstrate solid financial capacity.
Because compared to the median salary of the French, this is a relatively high level of income. According to an INSEE report published on June 15, the average net salary in the private sector is indeed € 2,424.
A contribution of nearly € 30,000
But their level of income alone would not be enough to convince the banks. “First-time buyers must in particular demonstrate that they are able to save and provide a higher amount of contribution”, explains Sylvain Lefèvre, president of the Centrale de Financement.
Indeed, the study shows that young buyers had to bring on average € 27,446 of equity in order to complete their financing file.
And even by showing white paw, these young buyers do not borrow colossal sums. The typical profile of the borrower of less than 30 years contracts on average a loan of 154,900 € for a period of 23 years and 2 months.
With this budget, based on the figures published by the LPI-SeLoger Barometer, it is possible to buy on average 14 m² in Paris, 27 m² in Lyon, 40 m² in Strasbourg, 54 m² in Grenoble or even … 106 m² in Saint-Étienne.
Despite everything, young buyers do not lose hope
Borrowing in recent months to buy a primary residence has not been easy for buyers. In particular for young buyers, under 30, who are often first-time buyers.
“They were particularly penalized during the health crisis,” explains the study by the Central Financing Center. Especially since in 2020 the conditions for granting loans were much more restrictive: last year, many buyers were refused their loan application because their file slightly exceeded 33% of debt. They have since been relaxed.
Despite all these pitfalls, not to mention the economic uncertainties linked to the health crisis, young borrowers have shown themselves to be resilient according to the Financing Center. “They continued to embark on the adventure of real estate acquisition, taking advantage in particular of the still advantageous borrowing rates. “