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Report finds Galway City among least affordable places for first-time buyers

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Report finds Galway City among least affordable places for first-time buyers

New research shows that Galway City is among the least affordable places to buy a home in the country for first-time buyers.

With the average home standing at €365 thousand, it would take an average-earning couple more than 5 years to save a deposit.

Meanwhile, in the county, it would take a couple earning a median combined income almost three years to save for a house, with an average cost of €330 thousand.

Switcher.ie compiled the figures based on CSO data on average earnings, house prices, and household saving rates.

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This research by switcher.ie found Longford is the most affordable place to buy a home for first time buyers followed by Leitrim, Donegal, Mayo and Roscommon.

While the most expensive are unsurprisingly in and around Dublin with Dun Laoghaire coming in first followed by Wicklow, South Dublin, Fingal and Louth.

It would take 21 years for the average couple to save to buy a home in Dun Laoghaire and that's actually down from last years figure of 27 years.

That compares to just over a year and a half to save for a new home in Longford.

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And if you're looking to buy an apartment on your own in Dun Laoghaire it would take 46 years to come up with the deposit.

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