3 counties now need six figure salary to buy first home
New research indicates that first-time homebuyers in three Irish counties now require a six-figure salary to purchase a typical home. The study highlights a growing affordability gap where median incomes are insufficient to meet central bank lending requirements across the country.
Why it matters
This reflects a significant housing affordability crisis that is impacting the ability of average earners to enter the property market.
New research shows that a single first-time buyer now needs to earn a six-figure salary to buy a typical first home in three counties.
The research from Chill Insurance reveals that a single buyer now needs to earn €108,000 in Dublin, €101,250 in Wicklow and €100,238 in Kildare. Dublin was the only county in that group a year ago.
The research also found that in every one of the 26 counties, a single buyer earning the national median salary of €44,816 would fall short of the income required to buy a typical first home because house prices continue to increase faster than wages right across the country.
Chill said its research compared the median first-time buyer home price in each county, using the Central Statistics Office's Residential Property Price Index, with median local incomes from CSO earnings data.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in