Wexford first-time property buyers face income shortfall of almost €30,000

First-time buyers in Wexford face a growing challenge in stepping onto the property ladder…

New analysis from Chill shows a single applicant would need to earn €67,500 to qualify under Central Bank mortgage rules. That compares with the county’s median income of €37,769, leaving an income shortfall of €29,731.

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 Wexford, the median first-time-buyer home price now stands at €300,000, which places the county firmly in the middle of the national rankings but still highlights the affordability pressures facing buyers.

The affordability gap in Wexford:
• Median price for first-time-buyer home: €300,000
• Median Wexford income: €37,769
• Salary required under mortgage rules: €67,500
• Income shortfall: €29,731

Speaking to Wexford Weekly, Ian O’Reilly, Head of Personal Lines Sales at Chill, said:

“Wexford’s figures show the scale of the challenge facing single first-time buyers. Even in counties that are not among the most expensive, incomes fall well short of what’s needed to qualify under mortgage rules. Buyers are often left with three choices: combine salaries, seek an exemption to borrow more or look at homes below the county’s median price.”

Key national findings:

• No county affordable for a single buyer on the national median salary (€43,221)
• Six counties now require salaries above €80,000
• The top five least affordable counties are all in Leinster
• Connacht and Ulster dominate the most affordable list

For the full county-by-county figures, methodology and our tips to get a larger mortgage, see the full report here: https://www.chill.ie/blog/incomes-required-to-afford-homes/

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