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It's Gonna Take The Average Irish Person 21 Years To Save For A House Deposit

By Sarah

April 30, 2018 at 12:26pm

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Ready for some pretty grim Monday news? Nah? Soz, you've no choice.

New research shows that it will take the average Irish earner 21 years in order to save enough money for a house deposit in Dublin.

Prosperous Financial found in their research that Dubliners on the average wage of €36,919 a year are left with just €127.24 per month after rent and living expenses.

Their figures are based on monthly rent of €1,500 for a one-bed apartment in town. If they manage to save €127 per month it will take 21 years to save a deposit of €32,567 – the amount needed to buy a home with an average Dublin price of €325, 671.

“This means it will take them 21 years to get the deposit together. What is worse, is that this assumes the average house price won’t have increased in 21 years’ time,”Eoin Magge, the principal of Prosperous Financial, told the Irish Times.

Even if you were to move in with someone to cut down on rent and increase savings to €300 a month it would still take nine years to save enough money for the deposit.

As for house hunters in the rest of the country, those looking to buy in Cork and Galway fare much better, as thanks to lower rent and house prices it's estimated they could save a deposit in just three years.

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