REVEALED: Waterford first-time buyers need over €75k salary to buy a home, study finds

First-time buyers in Waterford now need to earn more than €75,000 a year to secure a mortgage on a typical home, new research has revealed.

Figures from Chill show a single buyer would need a salary of €75,375 to qualify under Central Bank mortgage rules for a median-priced home in the county. That's almost double Waterford's actual median income of €40,680, leaving an affordability gap of €34,695.

The analysis found that no county in Ireland is affordable for a single first-time buyer on the national median salary of €43,221.

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In Waterford, the median home price for first-time buyers now stands at €335,000, putting the county in the middle of the national rankings but still well out of reach for many.

The affordability gap in Waterford:

• Median first-time-buyer home price: €335,000
• Median Waterford income: €40,680
• Salary required under mortgage rules: €75,375
• Income shortfall: €34,695

Ian O'Reilly, Head of Personal Lines Sales at Chill, said: "Waterford's figures show how difficult the property market is even outside the most expensive counties. For single first-time buyers, the gap between what's earned and what's required under mortgage rules remains sizeable.

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"In many cases, bridging that gap means combining salaries, seeking an exemption or looking at properties below the county's median price."

Nationally, six counties now require salaries above €80,000 to buy a median-priced starter home. They are Dublin, Wicklow, Kildare, Meath, Louth, and Cork. The five least affordable counties are all in Leinster, while Connacht and Ulster dominate the most affordable list.

The research highlights the growing challenge for young buyers in Waterford and across the country as affordability pressures continue to mount.