New research shows that single first-time buyers in Waterford face a clear affordability gap when trying to get on the property ladder.

The report from Chill Insurance shows that a single applicant would need to earn more than €75,000 to qualify for a mortgage. That compares with the country’s average income of €40,680, leaving an income shortfall of €34,695.

Chill’s findings show that no county in Ireland is fully affordable for a single buyer on the national median salary of just over €43,000.

In Waterford, the average first-time buyer home price now stands at €335,000, placing it in the middle of the national rankings.

Ian O’Reilly, Head of Personal Lines Sales at Chill, said:
“Waterford’s figures show how difficult the property market is even outside the most expensive counties. The gap between what’s earned and what’s required under mortgage rules remains sizeable for single first-time buyers. In many cases, bridging that gap means combining salaries, seeking an exemption or looking at properties below the county’s median price.”

Chill’s study compared average first-time-buyer home prices in every county with average local incomes, applying Central Bank limits of 90% loan-to-value and a maximum loan of four times gross income.