Offaly first-time buyers need over €66,000 salary to get on the property ladder

FIRST-TIME buyers in Offaly face a sizeable affordability gap, with new analysis from Chill showing a single applicant would need to earn €66,038 to qualify under Central Bank mortgage rules. That compares with the county’s median income of €40,000, leaving an income shortfall of €26,038.

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 Offaly, the median first-time-buyer home price now stands at €293,500, placing it among the less affordable counties outside the top five, but still highlighting the gap between local incomes and property prices.

The affordability gap in Offaly:

• Median price for first-time-buyer home: €293,500

• Median Offaly income: €40,000

• Salary required under mortgage rules: €66,038

• Income shortfall: €26,038

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Ian O’Reilly, Head of Personal Lines Sales at Chill, said: “Offaly’s figures highlight how affordability is a challenge across the country, not just in the most expensive counties. Buyers in Offaly still face a clear shortfall between local incomes and the mortgage requirements. To bridge that gap, many will look to combine salaries, apply for exemptions or consider homes priced below the county’s median.”

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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