Typical Irish home buyer is now 39 years old - CSO

Ireland’s homebuyers are getting older. Figures released by the Central Statistics Office (CSO) show that the median age of home purchasers in Ireland in 2021 was 39, up from 35 in 2010, reflecting the difficulties faced by younger people trying to get on the property ladder.

Buyers with a mortgage had a median age of 37 compared with 47 for those who purchased without a mortgage.

And the typical income of a home purchaser has risen by almost 50 per cent since 2012, the CSO study said. The median or middle income of property buyers here (single individuals or couples) rose from €48,600 in 2012 to €71,300 by 2021, an increase of 46.6 per cent.

During the same period, the average income in the State rose by just 25 per cent (from €36,079 to around €44,955), highlighting the strain on housing affordability.

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The median income of those buying with a mortgage was €79,200 in 2021 (up from €56,700 in 2012) compared with €49,900 for buyers without a mortgage (up from €37,100 in 2012).

The CSO’s report provided details about the age, income and prices paid by mortgage and non-mortgage buyers in each electoral area in 2021.

Dún Laoghaire Rathdown was the local authority with the highest median income of buyers with a mortgage at €126,900, followed by Dublin city at €93,300. Longford was the region with the lowest median income of buyers with a mortgage at €56,000.

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The proportion of dwellings purchased in Ireland with a mortgage was 63 per cent in 2021, which was a fall from a series high of 65 per cent in 2019.

South Dublin had the largest proportion of mortgaged transactions in 2021, at 77 per cent. The CSO said South Dublin tended to have the largest proportion of mortgaged transactions.

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The median price paid for a dwelling purchased with a mortgage was more than 40 per cent higher than a dwelling purchased without a mortgage (€309,000 as opposed to €220,000).

Dún Laoghaire Rathdown was the region with the highest median price for both mortgage and non-mortgage purchasers at €610,000 and €560,000, respectively.

This region has the highest median price for both mortgage and non-mortgage purchasers each year since 2016. The median loan amount was €220,000 in 2021 in comparison to €213,600 in 2020.

CSO statistician Seán O’Connor, said: “Today’s Frontier release is a further addition to the series of Characteristics of Residential Property Purchasers and provides estimates and insight into cohorts who purchase dwellings with and without a mortgage.

“In summary, mortgage purchasers tend to account for a greater proportion of transactions in the residential property market. This cohort is younger, has higher income and purchase more expensive dwellings than their non-mortgage counterparts,” he said.