REVEALED: Bleak findings for prospective Kilkenny homeowners
First-time buyers face a steep affordability gap, especially as single buyers, in Kilkenny
Kilkenny first-time buyers need a salary of over €75,000 to get on the property ladder as a single applicant, new research from a leading Irish insurance company has revealed.
First-time buyers across the county face a steep affordability gap, with the analysis from Chill showing a single applicant would need to earn €75,375 to qualify under Central Bank mortgage rules.
That compares with the county’s median income of €41,392, leaving an income shortfall of €33,983.
Chill’s study compared median first-time-buyer home prices in every county with median local incomes, applying Central Bank limits of 90% loan-to-value and a maximum loan of four times gross income.
The findings show that no county in Ireland is fully affordable for a single buyer on the national median salary of €43,221.
In Kilkenny, the median first-time-buyer home price now stands at €335,000, placing it among the less affordable counties outside Dublin, Wicklow and Kildare.
Ian O’Reilly, Head of Personal Lines Sales at Chill, said: “Kilkenny’s figures highlight the scale of the housing challenge.
“Even though it’s not in the very top tier of the most expensive counties, first-time buyers here still face a wide gap between incomes and what’s required under the mortgage rules.
“That often means relying on combined salaries, applying for exemptions or targeting properties below the county’s median price.”
Leinster and Munster dominate the top end, with Dublin, Wicklow and Kildare all requiring salaries above €90,000.
Meanwhile, Connacht and Ulster account for most of the more affordable areas.
In Roscommon, Donegal and Longford, a salary below €51,000 could still be enough to get on the ladder.