Almost 1 in 6 Irish people feel that it is unlikely they will ever be able to buy their own home.
According to a new survey from AA Home Insurance, 9% of respondents fully agreed with the claim that owning a home was something they felt that they were unlikely to ever achieve. Meanwhile, almost 7% stated that they somewhat agreed that they may struggle to ever purchase a home.
The survey of 5,000 people also found that those under 35 are significantly more likely to feel like home ownership is beyond them.
Conor Faughnan, AA Director of Consumer Affairs said: "Housing has long been a concern for Irish people and for our government, but it does appear that people are becoming more sceptical of their ability to ever own their own home, with this being particularly true for younger generations.
'In previous decades those approaching their mid-thirties would have been on the verge of entering the property market, but a lack of supply and rising costs is forcing this cohort to question if they will ever own a home or at the very least delay purchasing for several more years,”
More than 50% of respondents agreed completely with the idea that owning a home is an important milestone in life.
“If and when you get there, purchasing your first home is a major moment in anyone’s life and, in all likelihood, represents the biggest purchase that most of us will ever make," Mr Faughnan said.
"When you are entering the market there are some ways to keep the costs down, particularly when it comes to insuring your home, which could help make home ownership a little more affordable.
“No-one would ever purchase the first property they see without looking at alternatives, and you should take the same approach with your home insurance. Even if your bank or another insurer that you have a pre-existing relationship with offer you cover at a reasonable price, it’s still worth shopping around to see if you can find a better deal," he said.