Rory Hearne: Costly home truths mean many will never afford their own home

For 90% of earners, the average rent in Ireland is now unaffordable, forcing many to take on unsustainable debt levels and pay ridiculous house prices just to get out of the private rental sector, writes Rory Hearne

Homebuyers are being pushed into competing with each other to buy the limited existing properties, leading to bidding wars, facilitated by estate agents. 

The housing market is a runaway train out of control. House prices rose by 13.5% nationally in October and rents grew by their highest rate since 2017. 

House prices will reach Celtic Tiger levels next year, while rents in Dublin are 50% higher than Celtic Tiger highs. These rents and house prices are once again putting the Irish economy at risk, as homebuyers are forced into unsustainable levels of borrowing and renters are pushed into poverty.