Rent price in Formentera
Illes Balears · Illes Balears
Estimated rent · IPVA 2023
Net income
18.9k€
per capita/yr
Unemployment
0.9%
SEPE
Population
11,661
residents
In 2023, the estimated rent in Formentera is €754/month (INE IPVA index), a +2.4% annual change and 8.5% higher than in 2020. Estimated provincial average in Illes Balears: €792/month.
Full guide: living in Formentera
Monthly budget, required salary and mortgage estimate
National market context
National rank
#172
out of 753 municipalities
vs Illes Balears
-38€
region avg: €792
Trend vs Spain
+0.1%
avg: 2.3%
Trend vs region
-0.8%
region avg: €3.2
Formentera ranks 172 out of 753 municipalities in the INE rent price index. It is close to the Illes Balears average (€792/month).
Rent price evolution
Estimated monthly rent in Formentera (€/month). Source: INE IPVA.
Income and housing effort
Net income per capita
18.860€
per year · INE Atlas
Average household income
52.443€
per year
Rent-to-income ratio
48%
of per capita income
Average gross salary
29.075€
per year · Illes Balears
Rent-to-salary ratio
31.1%
of annual gross salary
The national average effort is 55.3% of per capita income. Formentera is 7 points below that average.
Source: INE Atlas of Household Income Distribution · INE Survey of Wage Structure (op.140). Gross salary is the Illes Balears average.
What would it cost to live in Formentera?
Calculate your mortgage payment, required salary and real cost of living.
Go to calculators →Registered unemployment
Estimated unemployment rate
0.9%
of estimated active population
Registered unemployed
62
people
Annual change
-13.9%
vs same month previous year
Source: SEPE (Spanish Public Employment Service)
Climate
Monthly max & min temperature (°C) · 2015–2024 normals
Source: Open-Meteo · ERA5 reanalysis (ECMWF)
Rent index evolution
| Year | INE IPVA Index | Estimated rent |
|---|---|---|
| 2023 | 115.942 | 754€ |
| 2022 | 113.223 | 736€ |
| 2021 | 109.438 | 711€ |
| 2020 | 106.899 | 695€ |
Idealista
Rental flats in Formentera →
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Frequently asked questions
How much does it cost to rent in Formentera?
The estimated rent in Formentera is €754/month in 2023, according to the INE Housing Rental Price Index (IPVA).
Have rents gone up or down in Formentera?
Rent in Formentera has risen by 2.4% compared to the previous year, per the INE IPVA index.
Is Formentera expensive to rent compared to the national average?
Yes, rent in Formentera (€754/month) is 16% above the national average (€648/month).
How much do you need to earn to live in Formentera?
Applying the 30% rule (rent should not exceed 30% of net income), you need approximately €30000 net per year to live in Formentera with a rent of €754/month.
What would a mortgage cost in Formentera?
For an estimated property price of €150,000 in Formentera (based on current rent of €754/month), the monthly mortgage payment would be €601 over 25 years at 3.5% APR. Down payment and purchase costs amount to approximately €45,000 (20% down + ~10% costs).
Illes Balears province
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Other municipalities in Illes Balears
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Official source
Instituto Nacional de Estadística
Organismo estadístico oficial del Estado español
www.ine.es View source →Methodology
Data comes from the Housing Rental Price Index (IPVA) published by Spain's National Statistics Institute (INE), with base 100 in 2015. The estimated rent is calculated by applying the index to the median reference price for the province in 2015.
Source: INE IPVA base 2015=100 · INE code: 07024