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Cavan one of only counties with houses affordable for single people

May 7, 2021 13:59 By News Northern Sound
Cavan one of only counties with houses affordable for single people
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Experts say this illustrates how the mortgage market is set up to favour couples.

New analysis shows houses are affordable for single workers in just seven of the 26 counties.

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 stats compared median salary against the median price for a house.

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The median is the midpoint of a group of numbers. For example, out of three digits: 10, 20 and 50. 20 is the middle number, so it’s the median.

A person on the median wage in Ireland could afford a house worth €185,000, well below the actual median house price of €260,000.

The estimated maximum mortgage for someone earning the median wage and with a 20 per cent deposit in Cavan is €146,188 and in Monaghan is €141,311, based on CSO median wage stats.

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Meanwhile, the actual median house price in Cavan is €145,000 and in Monaghan is €151,000 based on the CSO property price index as of December 2020.

Kieran McQuinn, a research professor at the ESRI, says the market is biased towards couples.

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Experts say Ireland’s new housing supply is expected to fall short of what’s needed for several more years, which could make buying a home even more difficult.

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