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Can you afford a home?

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  • 05-07-2021 7:16pm
    #1
    Elessar
    Registered Users Posts: 5,239 ✭✭✭


    How many people here are able to afford their own home?

    As a currently single guy it's becoming clear to me that, without a significant capital windfall, I will be pretty much priced out of the market anywhere with decent amenities and transport links for the foreseeable future.

    A two bed house would be ideal but anything decent in my area is selling for €300k+, which I can't afford and many don't even have driveways (PITA for an electric car). I am willing to settle for a decent 2-bed apartment but new build apartments are all rentals only and the ones available to sell are few and far between, with eye watering prices.

    So I don't earn enough to get a big enough mortgage and I earn too much to apply for affordable housing. I'm saving, but it appears I'm stuck living at home for god knows how long, unless I up sticks and move to the middle of nowhere. I'm on the far side of my 30s. Anyone else in this situation?


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    #2
    munster87
    Registered Users Posts: 4,238 ✭✭✭munster87


    No, but I am paying for one


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    #3
    Fils
    Registered Users Posts: 293 ✭✭Fils


    The experts say a crash is on the way.


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    #4
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,059 Mod ✭✭✭✭AlmightyCushion


    Single people in Dublin pretty much don't stand a chance. If you're on 60k a year, you'll get a mortgage of 210k. A 30k deposit means you can afford a place that costs 240k. What the fúck can you get in Dublin for that?


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    #5
    Fils
    Registered Users Posts: 293 ✭✭Fils


    AlmightyCushion wrote: »
    Single people in Dublin pretty much don't stand a chance. If you're on 60k a year, you'll get a mortgage of 210k. A 30k deposit means you can afford a place that costs 240k. What the fúck can you get in Dublin for that?

    A third floor box room with airport view.


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    #6
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Yup,

    130sqm home, single applicant living with my Partner, outside Dublin but with 30 minutes of city centre (without traffic obviously).

    And I consider myself incredibly lucky. Needed help from parents to help with cash flow of moving in but they’re paid back in full now (bought in 2018).


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    #7
    Smee_Again
    Registered Users Posts: 2,024 ✭✭✭Smee_Again


    Bought by myself but had to buy closer to home to do so and commute 100km e/w 3 days a week.

    Covid has been a godsend in that regard, can’t see me going back even 1 day a week.

    I had been looking at 2 bed apartments but didn’t fancy living in an apartment in Dublin.


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    #8
    ancapailldorcha
    Moderators, Category Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 37,766 CMod ✭✭✭✭ancapailldorcha


    No.

    271.gif

    We sat again for an hour and a half discussing maps and figures and always getting back to that most damnable creation of the perverted ingenuity of man - the County of Tyrone.

    H. H. Asquith



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    #9
    Padre_Pio
    Registered Users Posts: 4,992 ✭✭✭Padre_Pio


    Yes. But not one that I want.

    I could buy a terrace or a semi detached house.
    I'm looking for a house on a half acre or more and they're hard to come by in my price range.


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    #10
    Fils
    Registered Users Posts: 293 ✭✭Fils


    Sinn Fein will save the day next government term. We will be on the pigs back.


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    #11
    the celtic tiger
    Registered Users Posts: 842 ✭✭✭the celtic tiger


    Nope - housing prices here are theft through and through.

    Consider doing what I’m doing - buy a nice apartment in Spain. Lovely sunny spot for a fraction a knocker downer would cost here in Ireland.


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    #12
    nullzero
    Registered Users Posts: 16,495 ✭✭✭✭nullzero
    ****


    Fils wrote: »
    Sinn Fein will save the day next government term. We will be on the pigs back.

    Ah yes, on the backs of flying pigs.


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    #13
    PokeHerKing
    Registered Users Posts: 4,300 ✭✭✭PokeHerKing


    AlmightyCushion wrote: »
    Single people in Dublin pretty much don't stand a chance. If you're on 60k a year, you'll get a mortgage of 210k. A 30k deposit means you can afford a place that costs 240k. What the fúck can you get in Dublin for that?

    Youd get a 2bed apt in semi decent parts of Dublin,or a house in some pretty rough parts.

    It's a dual incomea market. You need to be earning double the average wage if your solo. I can't blame Ireland for that. It's just the modern world.


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    #14
    diceyreilly
    Registered Users Posts: 1,143 ✭✭✭diceyreilly


    Single too. I can afford a one bed apartment. Just don’t know if i want one for a fifth of a million euro.


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    #15
    leahyl
    Registered Users Posts: 14,247 ✭✭✭✭leahyl


    Have been saving for over 10 years and you’d think with help from my parents and my savings that I should be able to buy a 2 bed at least in Cork City suburbs - not a hope. It’s soul destroying. I’m still at home and at this stage I just want to have my own space so, gone past the point of renting with 2/3 strangers. I’m just turned 36. I’m clinging on to the last bit of hope that something will turn up. Way too much competition too for any decent property with reasonable asking price - you’re up against couples.


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    #16
    Arghus
    Registered Users Posts: 14,375 ✭✭✭✭Arghus


    No.


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    #17
    Vestiapx
    Registered Users Posts: 988 ✭✭✭Vestiapx


    Fils wrote: »
    Sinn Fein will save the day next government term. We will be on the pigs back.

    I assume you are joking.


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    #18
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,262 Mod ✭✭✭✭Sheep Shagger


    Fils wrote: »
    Sinn Fein will save the day next government term. We will be on the pigs back.

    All that Apple tax money that has been spent over and over again will pay for everyone's free gaff once they get in lol.


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    #19
    seabelle
    Registered Users Posts: 11 ✭seabelle


    I bought a few years ago, I was priced out of where I had originally been looking so I had to look further away. I'd hate to be looking now with prices so high, I couldn't afford my house or an equivalent at current prices.


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    #20
    Rubberchikken
    Registered Users Posts: 5,083 ✭✭✭Rubberchikken


    Ours is bought and paid for the past 7 years.
    I genuinely don't know how people can afford to buy these days and I think it's only going to get worse.


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    #21
    fits
    Registered Users Posts: 13,286 ✭✭✭✭fits


    Up to five years ago I couldn’t. Stuck in precarious contract work that made me ineligible and same for partner. Then the stars briefly aligned and we went for it. I can’t tell you how close we were to not making it. Consider ourselves incredibly lucky now. But we don’t live in a city.


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    #22
    Buddy Bubs
    Registered Users Posts: 3,568 ✭✭✭Buddy Bubs


    Bought my house as a single applicant 10 years ago. In spite of my wages going up hugely, price increases and lending rules mean I wouldn't be able to do it today.
    Price has more or less doubled in 10 years.


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    #23
    Fils
    Registered Users Posts: 293 ✭✭Fils


    Vestiapx wrote: »
    I assume you are joking.

    They are serious.


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    #24
    jimmycrackcorm
    Registered Users Posts: 14,331 ✭✭✭✭jimmycrackcorm


    Elessar wrote: »
    As a currently single guy it's becoming clear to me that, without a significant capital windfall, I will be pretty much priced out of the market anywhere with decent amenities and transport links for the foreseeable future.

    Originally we had single-income-wife-at-home purchasers of houses. Then things progressed so for a long time, it was dual-income couples who bought houses. Where did the idea come from, that it should revert to single-income buyers being able to?


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    #25
    Fils
    Registered Users Posts: 293 ✭✭Fils


    jimmycrackcorm wrote: »
    Originally we had single-income-wife-at-home purchasers of houses. Then things progressed so for a long time, it was dual-income couples who bought houses. Where did the idea come from, that it should revert to single-income buyers being able to?

    Why shouldn’t a single person be able to buy a home?


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    #26
    eviltwin
    Registered Users Posts: 17,495 ✭✭✭✭eviltwin


    I’m lucky enough to own my own home. I only bought 19 years ago but its light years from the situation today. We were able to get a house in Dublin straight out of college on fairly low wages with just a 10% deposit. That’s how it should be. Where did things go so wrong?


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    #27
    Padre_Pio
    Registered Users Posts: 4,992 ✭✭✭Padre_Pio


    jimmycrackcorm wrote: »
    Originally we had single-income-wife-at-home purchasers of houses. Then things progressed so for a long time, it was dual-income couples who bought houses. Where did the idea come from, that it should revert to single-income buyers being able to?

    People believe that property is an asset that MUST appreciate over time.

    That only works when you have enough supply and enough demand to keep the cycle going.

    Both supply and demand are completely out of whack the last 5 years.


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    #28
    Fils
    Registered Users Posts: 293 ✭✭Fils


    eviltwin wrote: »
    I’m lucky enough to own my own home. I only bought 19 years ago but its light years from the situation today. We were able to get a house in Dublin straight out of college on fairly low wages with just a 10% deposit. That’s how it should be. Where did things go so wrong?

    Bertie Ahern and all his croonies.


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    #29
    Padre_Pio
    Registered Users Posts: 4,992 ✭✭✭Padre_Pio


    jimmycrackcorm wrote: »
    Originally we had single-income-wife-at-home purchasers of houses. Then things progressed so for a long time, it was dual-income couples who bought houses. Where did the idea come from, that it should revert to single-income buyers being able to?

    People believe that property is an asset that MUST appreciate over time.

    That only works when you have enough supply and enough demand to keep the cycle going.

    Both supply and demand are completely out of whack the last 5 years. There is an artificial price floor on property that makes absolutely no sense.


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    #30
    DaTown
    Registered Users Posts: 286 ✭✭DaTown


    Not unless covid speeds up the process:D


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    #31
    Furze99
    Registered Users Posts: 10,693 ✭✭✭✭Furze99


    Elessar wrote: »
    How many people here are able to afford their own home?

    As a currently single guy it's becoming clear to me that, without a significant capital windfall, I will be pretty much priced out of the market anywhere with decent amenities and transport links for the foreseeable future.

    We own a home which we purchased back in the 1990s. The exact same factors applied then as now with exception that mortgage rates were far higher. We couldn't afford to live in an area with 'decent amenities and transport links'.

    Solution? Move to an area where you can afford to live. No one has a God given right to live near family nor where there are with decent amenities and transport links. Desirable but if you want to pay your own way, which is an admirable trail, then look further afield.


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