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Irish Homebuyers Earn Significantly More Than Average Wage – Affordability Crisis Deepens

The dream of homeownership in Ireland is slipping further out of reach for many,as new data from the Central Statistics Office (CSO) reveals a widening gap between the incomes of those buying homes and the average national wage. The median income of a person who bought a home last year was €84,400 – almost 60 per cent more than the average wage.

This trend has been steadily increasing in recent years,with the figure rising from €80,100 in 2022 and €75,600 in 2021,demonstrating the escalating challenges faced by prospective homeowners.

The Growing Affordability Gap

Donal Magee, senior underwriter with Nua Money, emphasizes that this disparity “underlines the significant affordability gap that continues to confront buyers in today’s market.” For many households, achieving homeownership now requires incomes substantially above the national average, even amidst strong labor market conditions.

“Even as median property prices rise and average mortgage drawdowns reach record levels, those who are able to access a mortgage are, in the main, entering into it in a enduring way,” Magee notes. “Strong repayment histories, together with regulatory safeguards such as the four times income cap, mean that moast borrowers are not overstretching themselves. This balance has been key to maintaining stability despite tight supply.”

The Rise of Joint Purchases

The data further reveals that over 60 per cent of residential properties were purchased jointly, a clear indication of the affordability pressures in the market. This trend highlights how increasingly challenging it is for single applicants to enter the property market independently.

Mr. Magee points out that the median income for sole purchasers is €55,100, compared to €101,200