Home ownership a 'pipe dream' for single buyers with median purchaser income at €84,400

For sole purchasers, the median income required to buy a home in 2024 was €55,100, while the median for joint purchasers was €101,200.

It is now a "pipe dream" for people to buy a house on their own, it has been claimed, as the median income of buyers has risen nearly €10,000 in just three years.

The latest figures published by the Central Statistics Office (CSO) show that those buying a property in 2024 had a median income of €84,400. That was up from 2023's figure of €80,100 and from €75,600 in 2022.

In 2019, before the covid pandemic, the medium income for those buying a property was €67,800.

Trevor Grant, of the Irish Mortgage Association, said: "Today’s report shows how difficult it is to buy a house on your own today.

"At 42, the median age of sole purchasers means that it is typically taking these buyers four more years to buy a home than those buying property jointly. While all mortgage applicants arguably have an uphill battle when buying a home today, this is particularly the case for single buyers.

"For many people, it is taking much longer to buy a home than they had ever envisaged.

"Indeed, given the severe shortage of housing and the high house price inflation of the last few years, home ownership has become a pipe dream for a lot of them," he added.

In total, 48,780 homes were bought last year, with just over 60% of them being purchased jointly. The majority of purchasers did not have children in 2024.

Nationally, the median price of a home was €345,000.

The median price in Cork county was €340,000, with that number rising to €358,000 in Cork City.

Unsurprisingly, the region with the highest median price was in Dublin — Dún Laoghaire-Rathdown — with a median property price of €660,000.

National median age

For sole purchasers, the median income required to buy a home in 2024 was €55,100, while the median for joint purchasers was €101,200.

Dún Laoghaire-Rathdown also had the highest joint purchaser income in 2024 at €157,100.

When it comes to the age of property buyers, almost a third of those who bought in 2024 were aged 35 or under. Just over 10% were aged 60 and over, with the national median age standing at 40.

Kerry was the county with the highest median age for someone buying a home in 2024 at 46.

When broken down further, the median income for purchasers aged under 35 in 2024 was €86,400.

Mr Grant added: "While the decision to buy or rent can be a lifestyle one as much as financial, it is clear that rising house prices and the chronic shortage of housing in Ireland has led to an increase in the numbers of people renting."

He urged the Government to use the upcoming budget to support the "vulnerable" first-time buyers.