Singles On Typical Incomes Can...

News & Sport

Singles On Typical Incomes Can Only Afford Houses In 7 Counties


06:24 7 May 2021

Share this article

New analysis shows houses are affordable for single workers in just seven of the 26 counties.

A person on a median income and a 20 percent deposit can only buy a home in:

  • Cavan
  • Donegal
  • Leitrim
  • Longford
  • Mayo
  • Roscommon
  • Sligo.

Experts say this illustrates how the mortgage market is set up to favour couples.

Median Analysis Explained:

The stats compared median salary against the median price for a house.

The median is the midpoint of a group of numbers.

For example, out of three digits: 10, 20 and 50. 20 is the middle number, so it’s the median.

A person on the median wage in Ireland could afford a house worth €185,000.

However that's well below the actual median house price of €260,000.

Kieran McQuinn, a research professor at the ESRI, says the market is biased towards couples.

“For people working in the housing area, this wouldn’t be a huge surprise.

“Ever since the early 2000s, it’s almost like the mortgage market is assuming that you’re talking about a dual-income couple buying a property."

"Unless the single income is a really high level. It’s almost built into the system.”

Impossible For Singles In Dublin

34 year old finance worker Aoife McLoughlin has a budget of €230,000 to buy a house.

But she accepts she will likely have to move far from her rented home in Dublin.

"The prices in Meath, Kildare they are now just like Dublin prices."

"You know so you're looking at Louth, possibly Cavan, Laois, Offaly, or possibly the North."

Experts say Ireland’s new housing supply is expected to fall short of what’s needed for several more years.

Which could make buying a home even more difficult.

Share this article