It will currently take over two decades for Dublin based home buyers to put a property deposit down, according to brand new research
Chill Insurance has revealed that the average home buyer in Dublin will need €76,975 to put down a deposit on a home. If Dublin based buyers put away 15% of their disposable income every month as suggested by Nationwide Building Society, it would take 22 years before they could afford this deposit.
Chill Insurance used Daft.ie’s house price report to discover how much money a home buyer will require in order to put down a deposit in each Irish county. They also analysed the average length of time it would take a buyer in each county to save this amount of money based on Nationwide’s guidance.
At €76,975, Dublin is the county where a deposit costs the most. However, Wicklow, 30 minutes south of Dublin, is where it takes the longest to save for a deposit based on the average income. It takes approximately 22 years and 2 months to save the €66,934 average deposit for a home in Wicklow.
The counties where it is cheapest to save for a deposit are Longford (€13,426) and Leitrim (€13,193). Home buyers will be able to afford a deposit in five years or less in these counties.
The Irish counties with the highest and lowest average cost for a deposit are:
- Dublin (€76,975)
- Wicklow (€66,934)
- Kildare (€52,746)
- Meath (€51,939)
- Kilkenny (€44,129)
- Leitrim (€13,193)
- Logford (€13,426)
- Roscommon (€14,012)
- Sligo (€14,189)
- Donegal (€14,514
The counties where it would take the longest and shortest to save for a deposit are:
- Wicklow (22 years, 2 months)
- Dublin (22 years)
- Meath (18 years, 10 months)
- Kildare (16 years, 9 months)
- Kilkenny (15 years, 4 months)
- Leitrim (4 years, 8 months)
- Longford (5 years)
- Sligo (5 years)
- Limerick (5 years, 5 months)
- Roscommon (5 years, 8 months)