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What is/will be your budget for your next home?

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  • 09-04-2016 10:05am
    #1
    jayjay2010
    Registered Users Posts: 505 ✭✭✭


    I'm just curious as to how many people can afford 2 bed apartments for 350k + and houses for 600-700k +

    Who are these buyers? Old people with downsizing to fancy apartments? Or is there a big percentage of people on a big salary?

    I mean to afford a place at 400k one would need massive salary + deposit or a couple would need to be on a decent salary each + deposit.

    I thought the average salary in Ireland was 35k? My friend has a salary of exactly that and a deposit of 70k so his max spend is 192k, he would be lucky to get a small house in Tallaght for that price. Banks said they won't give him an exception because he is a sole applicant.

    When I see apartments for sale in the likes of Dundrum (3 bed for 530k) or 2 beds in Bushy Park for 400k I do wonder -who actually has this kind of money?

    Im just curious that's all. Most people I know won't be able to buy because they would be on average salaries 28k-35k (in their 20s/early 30s). I was lucky enough to buy my apartment last year (similar apartment now about 20k more expensive) so I consider myself very very lucky.
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    #2
    ED E
    Registered Users Posts: 36,167 ✭✭✭✭ED E


    Slightly older stats from NERI:
    http://www.nerinstitute.net/download/pdf/neri_research_inbrief_income_dist_feb_2014.pdf
    nmXNLTt.png

    The median for the nation is 38k per household. Thats 150k to spend as a FTB.

    But this is the capitol. And you mention pretty well off areas. These will obviously be in high demand. When you have a concentration of people the core becomes expensive, workers on lower payscales will be relegated to remote suburbs and satellite towns. This is capitalism.

    PS: Mods sometimes prefer not to have this kind of economic talk.


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    #3
    dubrov
    Registered Users Posts: 3,558 ✭✭✭dubrov


    Your problem is that you are comparing the average Irish salary to the cost of a family home in a top area in Dublin.

    Try looking at the top 20% couple income in Dublin and you are probably looking at well over 100k income.


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    #4
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Post 275K for an apartment is absolute madness unless there are some very specific criteria; penthouse, very desirable location etc. Dundrum is one of the sillytown prices IMHO but opinions differ. The reason I say that is 3 bed semi detached houses are available in other areas for that price, why would you buy an apartment for more unless it was very desirbale (for tangible reasons rather than Dublin Postcode snobbery).

    3 bed houses don't neccisarily need to be in the price range of first time buyers, there is some merit in a properly functioning property ladder. Starting off in a two bed and trading up. My price range this time was around 260K for which I got a very nice 3 bed semi in D5 throwing distance to the DART. Side garden Veggie plot, smallish back garden and huge front garden.

    My next budget will be c. 500K but it will be for my forever home outside the rat race of Dublin with enough land for some horses, veggie plot and an external man cave for hiding from the wife.


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