Over €30K difference between average income and deposit needed to buy a home in Carlow
A stark difference between the average income and amount needed to buy a house has been noted by Chill Insurance
There is an over €30,000 difference between what the average income in Carlow is and what is needed to buy a home in the county, if you are buying alone.
The average person earns €40,363, yet a typical home costs €318,000, leaving a €31,187 gap between achieving purchasing your own home alone as a first time buyer.
Despite the statistics revealed by an analysis of Central Statistics Office data by Chill Insurance,Carlow is actually one of the most affordable places to buy a home in Ireland.
“Carlow has the lowest income requirement in the south-east of the country for first-time buyers. Even so, a single buyer earning the local median income would still not earn enough to borrow what they need for a typical first home,” Ian O'Reilly, Director of Sales and Operations at Chill Insurance, said
Economist Austin Huges has said that unless a person on the national average salary of €44,816 gets “financial support from the state and/or their family,” no county is affordable for a single buyer.
In Kilkenny, first time buyers need to earn €78,419 to afford a mortgage; in Kildare, they need to earn €100,238, while in Wicklow a six-figure salary is also required.
The largest gap between incomes and house prices is in Dublin, where first-time buyers need to earn €108,000 to afford a typical home costing €480,000.
Median salaries in the capital are €49,224 per year, leaving a gap of nearly €60,000.