Has this figure increased over the last couple of years or not? How does Ireland compare to other European countries? Are there any concerns? All interesting questions, but no, we’re just going to rewrite this one publication and pubish it. Infuriating stuff.
If the typical income of two first time buyers is equivalent to two full time teachers, it shows how broken the housing market is.
Teachers and similar professions are what should symbolise a solid middle class income. If they’re the typical sorts of first time buyers (and they’re already struggling) then it just shows how out of reach home ownership is for people earning less.
I earn 140k, about 100k after tax. Have 2 houses in Ireland and one in Brussels. Try it sometime?
Some really out of touch people in this thread. €90k with a 4 x borrowing rate means €360k with a €40k deposit. Have you not seen the price of everything these days?
Is the headline based on two incomes or one income?
‘With the average full-time salary for an individual in the State put at just under €50,000, the figures highlight the affordability gap at the heart of the property market here.’
So essentially you need two average incomes to buy a home in Ireland.
If you’re single or below average earners, forget about it.
So about 350k borrowing power wow thats the price of a below average shit hole.
Is there any country where someone on the median wage can buy a house on a single income? This is not unique to Ireland.
About 400k.
Outside of Dublin that gets you a nice place.
***Cries in €25k***
Flippin hell. Thats terrifying. I bought 3 bed end terrace house in 2016 and my income was about 30k.
Is the median done on a combined wage?
For new homes ftb
– median income is 91k
– median house value is 385k (4.1x income)
– median loan value is 306k (3.36x income)
– median deposit is therefor (69k)
Presumably they’re all getting the 30k HTB so actual cash deposit is 39k.
That seems reasonable considering they’re getting a brand new a-rated house
For second hand ftb
– median income is 74k
– median house value is 290k (3.9x income)
– median loan value is 230k (3.1x income)
– median deposit is therefor (60k)
No HTB so that’s 60k cash they’re bringing to the table.
Good for them.
Depressing read. What are the people on lower incomes supose to do or single. Even self build is out of reach..never mind buying the land or even being allowed to build in the first place. Being discriminated for not “living ” long enoug in the area…it just feel like a squeeze from every angle.
It seems society loves its classes and privlege.
I don’t know how else to explain this to my graduate student child. They will need to leave Ireland. They can’t afford to buy….thats a generation of house/ apartmentless people.
Mental. Me and my now wife bought a 4 bed detached in Dublin for €365k about 10 years ago. We were on about combined €70k.
Despite increase in our salaries since we’d have nowhere near enough to buy current house for the amount it’s valuation has increased
Basically
Good luck if you don’t have a partner
this isn’t a mad figure when you break it down.
​
Median salary in ireland is around 45K. So 2 people buying, that becomes 90k.
They can borrow a max of 4x salary =360k. Needing to have 10% deposit means they are buying a property selling for about 400K.
21 comments
Two people at 45k each
Pretty reasonable
Doesn’t show the difference of some of the crazy asking prices because they’re not on starter homes
Need to sell more drugs, still a bit off that target
The IT once again simply retelling the press releases of the BPFI without providing context.
the report is [here](https://bpfi.ie/publications/mortgage-market-profile-report-h2-2022/).
Has this figure increased over the last couple of years or not? How does Ireland compare to other European countries? Are there any concerns? All interesting questions, but no, we’re just going to rewrite this one publication and pubish it. Infuriating stuff.
If the typical income of two first time buyers is equivalent to two full time teachers, it shows how broken the housing market is.
Teachers and similar professions are what should symbolise a solid middle class income. If they’re the typical sorts of first time buyers (and they’re already struggling) then it just shows how out of reach home ownership is for people earning less.
I earn 140k, about 100k after tax. Have 2 houses in Ireland and one in Brussels. Try it sometime?
Some really out of touch people in this thread. €90k with a 4 x borrowing rate means €360k with a €40k deposit. Have you not seen the price of everything these days?
Is the headline based on two incomes or one income?
‘With the average full-time salary for an individual in the State put at just under €50,000, the figures highlight the affordability gap at the heart of the property market here.’
So essentially you need two average incomes to buy a home in Ireland.
If you’re single or below average earners, forget about it.
So about 350k borrowing power wow thats the price of a below average shit hole.
Is there any country where someone on the median wage can buy a house on a single income? This is not unique to Ireland.
About 400k.
Outside of Dublin that gets you a nice place.
***Cries in €25k***
Flippin hell. Thats terrifying. I bought 3 bed end terrace house in 2016 and my income was about 30k.
Is the median done on a combined wage?
For new homes ftb
– median income is 91k
– median house value is 385k (4.1x income)
– median loan value is 306k (3.36x income)
– median deposit is therefor (69k)
Presumably they’re all getting the 30k HTB so actual cash deposit is 39k.
That seems reasonable considering they’re getting a brand new a-rated house
For second hand ftb
– median income is 74k
– median house value is 290k (3.9x income)
– median loan value is 230k (3.1x income)
– median deposit is therefor (60k)
No HTB so that’s 60k cash they’re bringing to the table.
Good for them.
Depressing read. What are the people on lower incomes supose to do or single. Even self build is out of reach..never mind buying the land or even being allowed to build in the first place. Being discriminated for not “living ” long enoug in the area…it just feel like a squeeze from every angle.
It seems society loves its classes and privlege.
I don’t know how else to explain this to my graduate student child. They will need to leave Ireland. They can’t afford to buy….thats a generation of house/ apartmentless people.
Mental. Me and my now wife bought a 4 bed detached in Dublin for €365k about 10 years ago. We were on about combined €70k.
Despite increase in our salaries since we’d have nowhere near enough to buy current house for the amount it’s valuation has increased
Basically
Good luck if you don’t have a partner
this isn’t a mad figure when you break it down.
​
Median salary in ireland is around 45K. So 2 people buying, that becomes 90k.
They can borrow a max of 4x salary =360k. Needing to have 10% deposit means they are buying a property selling for about 400K.
Am i a fool for thinking prices may tumble
Is that a single buyer salary or joint?