New study finds home ownership out of reach for most single first-time buyers in Waterford
New research shows mortgages out of reach for typical first time buyer. Stock Image
A first-time buyer in Waterford would need to earn over €75,000 annually to buy a house.
That is according to new research from Chill, which found that a single applicant would need to earn €75,375 to qualify under Central Bank mortgage rules.
That compares with the county’s median income of €40,680, leaving an income shortfall of €34,695.
Head of Personal Lines Sales at Chill, Ian O’Reilly, 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. In many cases, bridging that gap means combining salaries, seeking an exemption or looking at properties below the county’s median price.”
Chill’s study compared median first-time-buyer home prices in every county with median local incomes, applying Central Bank limits of 90% loan-to-value and a maximum loan of four times gross income.
In Waterford, the median first-time-buyer home price now stands at €335,000, placing the Déise in the middle of the national rankings.
Chill found that no county in Ireland is fully affordable for a single buyer on the national median salary of €43,221.
