Houses across Cork city and county remain out of reach for a single worker on a median salary Analysis of data from the Central Statistics Office show that houses are affordable in just seven counties for a single worker on a typical salary
A person on a median income and a 20 percent deposit can only buy a home in Cavan, Donegal, Leitrim, Longford, Mayo, Roscommon and Sligo.
The Estimated max mortgage for someone earning the median wage and with a 20% deposit in Cork is 188,872 euro while the average house in Cork costs 260,000 euro
The median is the midpoint of a group of numbers and analysts say it often better represents what a typical worker earns than the average wage.
Data shows salary of singleton could only afford house in 7 counties
The data from the Central Statistics Office has been used to compare median wages across counties.
The median is the midpoint of a group of numbers.
Analysts say it often better represents what a typical worker earns than the average wage.
The maximum mortgage amount for someone earning the median wage here with a 20% deposit is €152,800.
Meanwhile the actual median house price in the county as of last December is €185,000.
Kieran McQuinn, a research professor at the ESRI, says the housing market tends to favour couples.
“Ever since the early 2000s really its almost like the mortgage market is catering for or assuming that you are talking about a dual income couple essentially buying a property.
Houses are affordable in just seven counties for a single worker on a typical salary, according to an analysis of date from the CSO, with the North West the region in which most of the counties are based.
Donegal, Leitrim, Sligo, Cavan, Longford, Mayo, and Roscommon are the counties in which a person on a median income and access to a 20% deposit can only buy a home
The median is the midpoint of a group of numbers and analysts say it often better represents what a typical worker earns than the average wage.
Kieran McQuinn, a research professor at the ESRI, says the result illustrates Ireland’s high property prices......
Homes For Single People On Median Wage Affordable In Just 7 Counties
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Single people who are on the median Irish wage are able to afford homes in just seven counties.
A new analysis of CSO data shows they would only be able to get a mortgage for a property in Cavan, Donegal, Leitrim, Longford, Mayo, Roscommon or Sligo.
The analysis compared the median salary against the median price of a house.
Across Ireland, the estimated median salary for 2020 was just over €38,000.
With a 20% deposit, this would allow a buyer to get a property worth €185,200.
This was far less than the actual median house price of €260,000.
Galway Bay FM
7 May 2021
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Galway Bay fm newsroom – A single worker in Galway on a typical salary falls far short of being able to afford a mortgage on a home.
In Galway, a worker on the median income with a 20 percent deposit could obtain a maximum mortgage of €176 thousand – compared to a median house price of €222 thousand.
The median is a different measurement from the average, and is much more reflective of what a typical worker earns.
That’s according to an analysis of data from the CSO, which reveals that single workers can only afford homes in 7 out of 26 counties nationwide, and while Galway is not among them the four other Connaught counties are included – Mayo, Roscommon, Sligo and Leitrim.