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4/10 under 35 yrs old renters could buy now

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    #62
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    Michael D Not Higgins wrote: »
    The article references a 'recent ESRI' report but not which one and I can't find a related article in the recent publications on the ESRI website. The closest I can find is from December and is titled "A Review of Housing Supply Policies". It covers the regulation and supply strategies but doesn't have any mention of the 4/10 stat or anything about the consumer demand.
    http://www.esri.ie/pubs/QEC2015WIN_SA_Morley.pdf

    Exactly - its purposefully vague, so it can't be pinned down. Which in my view makes it pretty useless.

    Also, it says "can afford to buy" but it doesn't say what or where.

    Just affording to buy something, somewhere isnt good enough for most people. They may well be better off in rented accommodation for the time being, for location or other reasons.


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    #63
    eezipc
    Closed Accounts Posts: 534 ✭✭✭eezipc


    I think even if 4/10 can afford the mortgage, most people don't want to be tied down with a 30 year debt.
    Two years ago, we had enough saved for a mortgage. We had about 20k saved up and only wanted a mortgage of around 120k. I found the repayments were horrible and it's not something I wanted to have to pay back over 20-30 years.
    So I saw an old house for sale this time last year for just over 20k in the middle of the country and I bought it. Bit of a fixer upper but we have turned it into a nice house now. We got a loan for the credit union to pay for a bit of repair and solicitors fees. The loan was paid off last month.
    The way I look at it is I am now a home-owner without any debt. On the down side I do have an hour long commute every morning but hopefully that will change soon.


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    #64
    slowjoe17
    Registered Users Posts: 110 ✭✭slowjoe17


    SarahMollie wrote: »
    Exactly - its purposefully vague, so it can't be pinned down. Which in my view makes it pretty useless.

    Also, it says "can afford to buy" but it doesn't say what or where.

    Just affording to buy something, somewhere isnt good enough for most people. They may well be better off in rented accommodation for the time being, for location or other reasons.

    There is a big difference between affording to buy in Dublin vs Longford or Cavan. Likewise, there is a big difference in clarity between "can afford to buy" and "have sufficient deposit and salary to meet current market prices".


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    #65
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    You can buy an apartment in rural area,s for 60k or less,
    or an old house, needing repairs for 40k.
    But if you live in a city is it worth spending 2 hours driving monday to friday to reduce the size of the mortgage ,or save on rental costs.
    The mortgage loan interest tax credit is gone .
    What incentives are left.
    The 20 per cent deposit rule is keeping house price down.

    IN the long term it will save us money .
    We don,t want a repeat of the celtic tiger boom ,bust,
    where prices went up to ridiculous levels,
    200k for a house in cavan,
    now worth 80k.
    And the taxpayer is left to rescue the banks when prices fall to
    levels based in reality .
    Maybe we need a simple rule single people can borrow 3-4 times their salary.
    couples can borrow 4-5 times their salary .

    i know someone borrowed 9 times their wage in 2006 .
    Just a single person on an average wage .


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