Houses across Cork city and county remain out of reach for a single worker on a median salary

Friday, 7 May 2021 13:14

Analysis of data from the Central Statistics Office show that houses are affordable in just seven counties for a single worker on a typical salary

A person on a median income and a 20 percent deposit can only buy a home in Cavan, Donegal, Leitrim, Longford, Mayo, Roscommon and Sligo.

The Estimated max mortgage for someone earning the median wage and with a 20% deposit in Cork is 188,872 euro while the average house in Cork costs 260,000 euro

The median is the midpoint of a group of numbers and analysts say it often better represents what a typical worker earns than the average wage.

Kieran McQuinn, a research professor at the ESRI, says the result illustrates Ireland’s high property prices.

"It's very obvious in the Irish market that there is huge affordability issues and huge affordability pressures in the market. And these are characteristics of the market that have been there for maybe 10 or 15 years they're not just some recent developments, although they've obviously getting a lot more attention in recent times because of the potential pickup and house prices that we may well see"