Figures show average earner would need 21 years to save for deposit on Dublin house

The average person would need to save for 21 years for a deposit for a house in the capital.

The latest figures from financial advisory firm, Prosperous Financial, are based on someone earning the average industrial wage in Ireland and living in Dublin.

Prosperous Financial's Eoin McGee describes how they came up with the results.

He said: "€36,900 per annum is the average earner, after tax in a month that works out at just under €2,500. You spend €850 a month running your life, you spend €1,500 a month on rent.

"That leaves you with only €127 a month to save, that's all you have to save, and the average house price in Dublin is €320,000.

"You're going to need a 10% deposit so it's going to take you 21 years, if all you have is €127 a month, to get to that €32,000 deposit."

- Digital Desk


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