A recent study reveals Cork ranks as the fifth least affordable county for home buyers in Ireland, with rising prices and high deposit requirements posing challenges.
If you’re looking to buy or sell a house in Ireland soon, you might wonder where Cork stands.
The study highlights Leitrim, Longford, and Donegal as the most affordable counties for home buyers.
In Leitrim, the average home sold for €186,487 in 2024. This means a deposit of €18,649, which is over €10,000 less than the national average.
Dublin is the least affordable area, but Cork is close behind, ranking as the fifth least affordable county in Ireland.
In Cork, the average deposit needed is €35,160. It could take nearly six years to save that amount. With prices expected to rise by 10% this year, it may take even longer.
Dublin’s average house price is €614,012, more than double the national average of €291,078. Saving for a deposit there would take almost nine years.
Wicklow, the second least affordable county, is projected to see the highest price increase by 2030, with prices expected to jump from €461,534 to €586,398.
Looking ahead, County Wicklow will likely face the steepest price hikes, making it tougher for buyers but beneficial for sellers.
Longford is the second most affordable county, with an average house price of €192,682. Buyers need to save €4,891 annually for about four years to afford the deposit.
Donegal, in third place, has an average house price of €199,332, requiring a deposit of €19,933, which takes about four years to save.
In November, a three-bedroom house in Cork’s northside was listed for €195,000 but quickly rose to €325,000 due to bidding wars.
Renters also struggle to save for a home. In November, the average rent in Cork city hit €2,077 monthly, totaling around €25,000 a year.
CorkBeo reported that a couple in their 30s would need salaries of €40,000 each to afford a mortgage on an average house in south Cork city. They would also need a deposit of €36,600 and face monthly repayments of nearly €1,500.
