It will take an average of 28 years to save for a house deposit in this part of Ireland
Leitrim represents the best value in Ireland with it taking around 2.5 years to save for a deposit there, compared to just under 28 years in Dún Laoghaire-Rathdown
It could take almost 28 years to save up a deposit to buy a house in the most expensive area to buy in Ireland.
Research shows that the average time it takes first-time buyers to save for a deposit for a mortgage in Ireland is 4.6 years.
The Affordability Index, published by Switcher.ie, shows that Dún Laoghaire-Rathdown is the least affordable for buyers, with an apartment there costing €560,000. It would take an average earner living there a total of 27.9 years to save enough for a deposit for one of these homes.
An average price for an apartment comes in at €415,000 in Wicklow, the next most expensive area to buy a home. However, taking into account the average income there, it would take on average a total of 13.5 years to save enough for a deposit.
Dublin, Kildare and South Dublin are the next three most expensive places to buy. It would take just under 10 years to save for a deposit in Dublin and an average of 8.4 years for Kildare and South Dublin.
Leitrim has the best value in the country with the average cost of a property there being €184,000. It would take approximately 2.5 years to save a deposit there.
While property in Longford is valued slightly lower, at an average cost of €179,500, the average income in the county would mean it would take slightly longer - 2.6 years - to save up enough for a deposit.
The next most affordable counties are Roscommon at €201,500, with an average time to get a deposit together coming in at 2.7 years and then Sligo (€210,000 - 2.8 years) and Mayo (€210,500 - 2.9 years).
The index notes that joint buyers can combine incomes, so the more favourable loan-to-income (LTI) ratio means you can borrow more and save for a deposit more quickly. Homeownership is more affordable if you’re buying with a partner or friend and often the only way to get on the housing ladder.
The average median income for joint buyers was €83,646, with the average household savings ratio at 9.58% (Q3, 2023).
Looking at all first-time buyer properties, rather than just apartments; it would take an average of 2.5 years for a couple to save for a house deposit in Leitrim but 9.9 years to save for a deposit on an average house in Dublin.
- Average house price: €337,612
- Average time to save for a deposit: 4.6 years
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