6 days Ago By [email protected] (Ciara O'Loughlin)
Leitrim is the easiest county for residents to get on the property ladder, with buyers needing on average an €18k deposit. Chill Insurance analysed average house prices in the 26 counties and the average income in each to determine how long it would take to save for a deposit. Using the national saving average rate of 12.
7% per annum, it found a single person in Leitrim could save for a house deposit in three years and nine months. The county had the lowest house prices in the country with an average of €186,487. Dublin is the most expensive with the average price being over three times this at €614,012.
Average incomes in the capital are significantly higher than the national average at €55,326. However, it would still take someone on this income eight years and nine months to save a deposit of €61,401. After the capital, Wicklow is the hardest county in the country to get on the property ladder.
With average property prices of €461,534, it would take the average earner seven years and three months to get a deposit. As the commuter belt continues to grow, it’s no surprise that Kildare and Meath fill out the third and fourth spots for most expensive house prices. In Kildare, it would take the average earner six years and five months to save for a deposit, and six years and two months in Meath.
After Leitrim, Longford is the easiest county for first-time buyers to get a foot on the property ladder. While the average income is lower at €38,515, the average house price is €192, 682. Based on saving 12.
7% of this income a year, it would take three years and 11 months to save for a deposit. Donegal is also an appealing county for home buyers. The third cheapest on the list, average house prices in the northern county are €199,332, with Chill calculating it would take four years and five months to save a deposit.
Roscommon (€210,493) Monaghan (€213,460), Cavan (€216,246), Mayo (€222,443) Tipperary (€228,328) Sligo (€241,764) and Carlow (€254,245) round out the top 10 list of most affordable counties to buy a home in. Cork is the fifth most expensive. With average house prices at €351,603 it would take the average earner five years and 10 months to save a deposit.
While house prices are slightly cheaper in Galway at €338,753, it would take the average earner longer to save a deposit compared to the Rebel County at six years and one month. Rounding out the top ten for most expensive counties to buy a house is Kilkenny (€326,304), Louth (€304,106), Limerick (€302,825) and Wexford (€293,578). Ian O’Reilly from Chill Insurance said saving for a deposit can be daunting, but it is doable.
He said: “Saving for a deposit can feel daunting, especially when facing the prospect of spending up to eight years accumulating funds. While skipping your morning latte or avocado toast won’t singlehandedly get you onto the property ladder, smarter saving habits can make a big difference. “Experts recommend following the 50/30/20 rule: allocate 50% of your income to necessities, 30% to personal wants, and 20% to savings.
This approach is 7% higher than the national average savings rate, giving you a crucial reduction in the time it will take to accumulate your deposit.” Subscribe to our newsletter for the latest news from the Irish Mirror direct to your inbox: Sign up here..
