As house prices continue to soar across the South East, buying a home can seem dauntingly out of reach for many of us.
It's all too easy to get overwhelmed by the ever-increasing numbers being thrown at home buyers, but how much do you really need to earn and save to commence the process?
The people at myhome.ie in partnership with Davy have released figures detailing exactly what you need to save and earn in order to purchase an average three-bed semi in Ireland today.
The report reveals that these figures vary widely from county to county; prospective homeowners in Dublin are required to save an average €34,900 deposit on a required salary of €89,742, while those in Longford could potentially purchase a home on an annual salary of just €29,571 with an €11,500 deposit.
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The South East comes somewhere in between those two extremes. Carlow is the most expensive county in the South East to buy a home (€210,000) and Tipperary the cheapest at €169,000.
Worryingly, Waterford has seen the biggest annual jump in the price of an average three-bed semi, up an eyewatering 56.49% on Q1 of 2021.
County Waterford
Q1 2022 Cost: €197,000
Up 56.49% on 2021
Deposit: €19,700
Salary: €50,657
County Wexford
Q1 2022 Cost: €200,000
Up 11.73% on 2021
Deposit: €20,000
Salary: €51,428
County Tipperary
Q1 2022 Cost: €169,250
Up 11.35% on 2021
Deposit: €16,925
Salary: €43,521
County Carlow
Q1 2022 Cost: €210,000
Up 15.07% on 2021
Deposit: €21,000
Salary: €54,000
County Kilkenny
Q1 2022 Cost: €197,000
Up 11.58% on 2021
Deposit: €19,700
Salary: €50,657
Commenting on the report, Managing Director of MyHome.ie, Joanne Greary, said: Indeed, it is notable that our double-digit national asking price inflation this quarter has not even come as
a huge surprise given the effect that the pandemic has had on the market and the country as a whole and considering the property market entered the pandemic with a supply issue and considering the property market entered the pandemic with a supply issue."
She continued: "I believe it is far too early to draw any definitive conclusions on where the property market is heading. There is no doubt that our property price inflation rate is high but that probably will not be sustained in the medium to long term, as there are just too many external factors at play – not least sharply rising inflation levels in the economy as a whole which could
impact consumer sentiment."
