Dublin first time buyers need to be earning €100k to afford property

Dublin first time buyers need to be earning €100k to afford property

First time buyers in Dublin need to earn more than €100,000 to get onto the property ladder according to new figures.

A new report compiled for the Irish Sun shows a single person looking to buy a home in South County Dublin would need to be on a wage of €133,000 a year.

However the same person would need a salary of just €26,000 a year to purchase a property in Longford.

The un-affordability index looks at average prices around the country compared with what you'd need to earn to buy.

This unaffordability index compiled by Karl Deeter used a 90 per cent mortgage, borrowing three and a half times earnings - and looked at average house prices around the country

IN South County Dublin a single person who wants to buy a property worth around half a million euro will beed to earn 133,000 euro - that's 96,000 above the average industrial wage.

BY contrast the average property in Longford costs just over 100 thousand tis means a salary of 26,0000 euro would been needed - that almost 10,000 under the average industrial wage.

Similarly sligo, Leitrim, Roscommonn and cavan are the best value in the country

Karl deeter says less well off people are being pushed out of cities and this will make a strange mix of social housing


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