In recent years, the Irish housing market has witnessed a substantial rise in the income of home buyers. According to recent research, the typical income of Irish home buyers has increased by almost 50% to €71,300. This surge in income can be attributed to a booming economy, lower unemployment rates, and a well-performing job market. In this article, we will delve deeper into the reasons behind this impressive rise in income and its potential impact on the Irish housing market.
According to data from the Central Statistics Office (CSO), the median income of home purchasers in Ireland (single individuals or couples) has increased by nearly 50% since 2012, from €48,600 to €71,300 in 2021. The median income for those buying property with a mortgage was €79,200 in 2021 (up from €56,700 in 2012) compared to €49,900 for buyers without a mortgage (up from €37,100 in 2012). The CSO report provides details on the age, income, and prices paid by mortgage and non-mortgage buyers in specific electoral areas. Dún Laoghaire-Rathdown had the highest median income of buyers with a mortgage at €126,900, followed by Dublin city at €93,300 while Longford had the lowest median income of buyers with a mortgage at €56,000. The median age of home purchasers in Ireland in 2021 was 39, an increase from 35 in 2010. The proportion of dwellings purchased with a mortgage in Ireland was 63% in 2021, down from a high of 65% in 2019. South Dublin had the highest proportion of mortgaged transactions in 2021, at 77%. The median price paid for a dwelling with a mortgage was over 40% higher than that purchased without a mortgage, with Dún Laoghaire-Rathdown having the highest median price for both mortgage and non-mortgage purchasers at €610,000 and €560,000, respectively.
In conclusion, the rise in the typical income of Irish home buyers is a positive sign for the country’s economy. With almost a 50% increase in the past decade, it is clear that more people are able to afford to purchase their own homes. The government’s commitment to increasing affordable housing options and improving job opportunities has played a crucial role in achieving this milestone. While there is still room for improvement, this significant increase in the typical income of Irish home buyers is a step in the right direction towards creating a stronger and more stable housing market.
