Here’s how much you need to earn to buy your first home in your area

FIRST-time buyers in parts of Dublin need an annual salary of over €133,000 to get on the property ladder, shocking new statistics show.

An “unaffordability index”, compiled by the Irish Sun’s Mr Money Karl Deeter and published below, looks at average prices around the country and what you’d need to be earning to buy in that area.

South County Dublin is still the most expensive part of the country with average house prices at €517,719.

With new Central Bank lending rules (using a 90% mortgage and borrowing 3.5 times earnings), a single person would need to be earning €96,000 OVER the average wage of €36,600 to stand any chance of snapping up a new home out here.

It might be slightly easier for a couple to buy in the leafy part of the capital but they would each still need to be taking home €66,000 to be in with any chance of settling there, €29,000 over the average wage.

Dublin South City is the next most expensive with average prices set at €346,000 — requiring a salary of €89,000 for a single person to snap up a property, or over €44,000 each for a couple.

This is still significantly higher than the average industrial wage of €36,600, meaning many first-time buyers will find it hard to buy in their home town of Dublin.

In other parts of the country it is very different with the average price for a house in Longford at €104,000 — the cheapest by far.

A single person would only need to be earning €26,000 — or two people on €13,000 each.

This means that a couple could get on the property ladder in Co Longford by living off social welfare.

Irish Sun columnist Deeter compiled the “unaffordability index” using Daft.ie data.

He said: “The picture is very clear, if you want to live in a city or in certain commuter counties then you won’t be able to buy a home if you are only earning the national average wage.

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When viewed in terms of affordability we see house prices are going to push less well off people out of cities and that only the better off will be able to afford to buy there.

“This will make a strange mix of social housing, no middle class and then the affluent being the main occupants of cities.

“The people living in emergency accommodation are mainly coming from the rented sector where rents push them into homelessness.

“Rents in general are rising because of a housing shortage and an inability to buy a property in order to leave the rented sector.

Housing Minister Simon Coveney wants to see 20,000 new homes a year and with prices like this who will be able to afford to buy them?”

After Dublin and Wicklow, the next most expensive areas to buy in are Cork city, Kildare, Meath, Kilkenny, Cork county and Waterford — all requiring a single person to be earning more than the average wage.

The cheapest areas to buy after Longford are Sligo, Leitrim, Roscommon, Cavan, Mayo and Donegal.