Louth Among Least Affordable Counties for First-Time Buyers
By ArdeePost Reporter
Louth has been ranked among the least affordable counties in Ireland for first-time buyers, according to a new analysis published by Chill Insurance.
The study highlights the widening gap between property prices and local incomes, with aspiring homeowners in Louth facing one of the steepest affordability challenges in the country.
Researchers calculated that a single buyer would need an annual salary of €83,942 to qualify for a mortgage to purchase a median-priced home in the county. This figure is more than double the actual median income in Louth of €40,038, leaving an income shortfall of €43,904.
The findings are based on Central Bank lending rules, which limit mortgage loans to 90% loan-to-value and a maximum of four times a person’s gross income.
Key figures for Louth:
Income shortfall: €43,904
Median price for a first-time-buyer home: €373,075
Median local income: €40,038
Salary required to buy: €83,942
The analysis found that no county in Ireland is currently affordable for a single first-time buyer earning the national median salary of €43,221.
Louth was ranked the fourth least affordable county, behind Dublin, Wicklow, and Kildare, and just ahead of Meath.
A Chill Insurance spokesperson explained:
“For many aspiring buyers in counties like Louth, the reality is that affordability remains out of reach for individuals. The options are often to combine salaries with a partner, purchase a cheaper property, or seek a mortgage exemption.”
The findings add weight to calls for increased housing supply and affordability measures, as the dream of home ownership drifts further away for many first-time buyers in Louth and beyond.