New research shows that Donegal, one of the most affordable counties in the country for first-time buyers, is still out of reach for many first-time buyers.
The research compared the median first-time buyer home price in each county, using the Central Statistics Office’s Residential Property Price Index, with median local incomes from CSO earnings data.
These figures were then assessed against the standard Central Bank lending rules, under which a buyer can borrow up to 90% of a home’s value and up to four times their gross income.
According to Chill Insurance, a single buyer now needs to earn more than €57,300 to buy a typical first home.
The median income in Donegal is around €37,900, leaving a single buyer short by more than €20,300.
Donegal is the fourth most affordable county in the country for first-time buyers, behind only Longford, Leitrim and Mayo.
The five least affordable counties were located in Leinster, with a single buyer needing to earn more than €90,000 to purchase a first home.
The research also found that a single buyer earning the national median wage would fall short of the income required in every county.
A link to the full report can be found HERE.
