Urgent Update: Kilkenny Homebuyers Face €33,983 Income Shortfall

New research confirms that prospective homeowners in Kilkenny now need a salary of over €75,000 to enter the property market as a single applicant. A shocking analysis by Chill Insurance reveals that a first-time buyer would require an income of €75,375 to qualify under Central Bank mortgage rules, starkly contrasting the county’s median salary of only €41,392. This creates a daunting income shortfall of €33,983 for many aspiring buyers.

The study highlights the steep affordability gap facing first-time buyers in Kilkenny, where the median home price for new buyers stands at an alarming €335,000. This positions Kilkenny among the less affordable counties outside of Dublin, Wicklow, and Kildare.

Authorities report that Chill’s analysis compared home prices across Ireland with local median incomes, applying the Central Bank’s limits of 90% loan-to-value and a maximum loan of four times gross income. Disturbingly, no county in Ireland is fully affordable for a single buyer earning the national median salary of €43,221.

Ian O’Reilly, Head of Personal Lines Sales at Chill, stated, “Kilkenny’s figures highlight the scale of the housing challenge. Even though it’s not in the very top tier of the most expensive counties, first-time buyers here still face a wide gap between incomes and what’s required under the mortgage rules.” This reality often forces buyers to depend on combined salaries, seek exemptions, or target properties priced below the county median.

The report underscores that Leinster and Munster dominate the high-cost regions, with Dublin, Wicklow, and Kildare all requiring salaries exceeding €90,000. In contrast, areas in Connacht and Ulster remain more affordable, where buyers in Roscommon, Donegal, and Longford could still enter the market with salaries below €51,000.

As the housing crisis deepens, Kilkenny residents and potential homebuyers are left grappling with the implications of these findings. The urgent need for solutions to bridge the income gap and make homeownership attainable is clearer than ever.

For those looking to buy, understanding these challenges is essential. What happens next? Homebuyers may need to explore alternative financing options or consider properties in more affordable areas. Stay tuned as we continue to monitor this developing story.

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