GalwayBayFM

Figures reveal homes far short of affordable for single Galway workers

Share this article
Figures reveal homes far short of affordable for single Galway workers

Galway Bay fm newsroom - A single worker in Galway on a typical salary falls far short of being able to afford a mortgage on a home.

Advertisement

In Galway, a worker on the median income with a 20 percent deposit could obtain a maximum mortgage of €176 thousand - compared to a median house price of €222 thousand.

The median is a different measurement from the average, and is much more reflective of what a typical worker earns.

Advertisement

That's according to an analysis of data from the CSO, which reveals that single workers can only afford homes in 7 out of 26 counties nationwide, and while Galway is not among them the four other Connaught counties are included - Mayo, Roscommon, Sligo and Leitrim.

The other three counties where a single worker on a median wage with a 20 percent deposit could afford a home are Cavan, Donegal and Longford.

Kieran McQuinn, a research professor at the ESRI, says the result illustrates Ireland’s high property prices.

95.8 MHz Galway City
95.8 MHz Clifden & West Connemara
97.4 MHz South Connemara & Aran Islands
96.8 MHz County Galway
97.4 MHz East Galway
97.2 MHz Gort Area

Copyright © 2024. Developed by Square1 and powered by PublisherPlus.com

Download the GBFM App
Advertisement