Homeownership collapses as costs now classed as 'severely unaffordable'

Owning your own home is now out of the financial reach of many people and families in Ireland. File photo.

Homeownership has collapsed among working-age adults, with housing costs now classed as “severely unaffordable”, according to a new report from the Parliamentary Budget Office (PBO). 

The report published by an independent wing of the Oireachtas said house prices increased by 77% between 2012 and 2020, while rental accommodation availability is at its lowest levels since the Celtic Tiger.