Meath among the least affordable counties for first-time buyers

Meath is among the least affordable counties in Ireland for first-time buyers with a single applicant needing a salary of more than €85,000 to qualify for a mortgage.

That's according to new research for insurance provider, Chill who has revealed first-time buyers in Meath face significant affordability challenges.

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 affordable for a single buyer on the national median salary of €43,221.

In Meath, the median first-time-buyer home price now stands at €380,000, leaving an income shortfall of €40,598 for a typical single buyer.

The affordability gap in Meath:

• Median price for first-time-buyer home: €380,000

• Median Meath income: €44,902

• Salary required under mortgage rules: €85,500

• Income shortfall: €40,598

Dublin, Wicklow, and Kildare remain the three least affordable counties, but Meath also sits within the top five hardest places in Ireland for first-time buyers.

Ian O’Reilly, Head of Personal Lines Sales at Chill, said: “Our analysis shows just how tough it is for buyers in Meath to secure their first home. With property prices high relative to incomes, many buyers will need to look at options such as combining salaries, buying below the county’s median price or applying for a mortgage exemption.”

Other key findings in the Chill research showed that no county was affordable for a single buyer on the national median salary (€43,221) and that six counties now require salaries above €80,000 - the top five least affordable counties are all in Leinster.