How much rent would the person be paying now and how much would a morgage on that cost. You've still not pointed out which of the ones I've listed are undesirable. Any of my three beds in Swords perhaps? Is there something undesirable about Swords?
For comparison, new build 3 beds in Clongriffin area, an area of mixed reputation, are going for €350,000.
Is that affordable?
It's not. I can tell you that from experience!
How much rent would the person be paying now and how much would a morgage on that cost. You've still not pointed out which of the ones I've listed are undesirable. Any of my three beds in Swords perhaps? Is there something undesirable about Swords?
Can you give us the figures please.
I checked Ulster bank mortgages.
If you want to purchase a 300K house and you've 30K deposit there's a 4 year fix of 2.99% and it will cost 1136€. That's for a 30 year mortgage.
I said that because I have extensive personal experience of the area. I do not believe the houses are worth that amount of money.
No, you tell me why they are desirable and affordabke even though they are above the €250,000 figure which prompted this thread.
Furthermore, for a city the size of Dublin we are talking about a very small number of properties which may or may not be affordable, and which may or may not be ok to live in... Does that not suggest something to you???
If someone buys the house in Edenmore or Raheny, does that mean there isn't a single property in Dublin 5 left that's affordable - we're not talking Ballsbridge here!
Can you give us the figures please.
I checked Ulster bank mortgages.
If you want to purchase a 300K house and you've 30K deposit there's a 4 year fix of 2.99% and it will cost 1136€. That's for a 30 year mortgage.
So you the Dublin based poster wants me to tell you which are desirable and affordable. But
a) I've put up a variety of fine areas
b) You've not demonstrated that each of those areas is a no go
c) Now you want me to do this
d) I've demonstrated they are affordable based on a mortgage of 270K on a property of 300K with a deposit of 30K. Especially when you compare the rents - it's a no brainer
e) In addition most are three beds and a couple can rent two rooms out at the beginning if they need help or want to have extra money
f) Raheny, is that one ok or not, I'm not sure your point.
A, B and C are rejected as you have not demonstrated they are fine areas. Declaring them as such does not make it so. Some of them may be ok but almost all are in excess of the 250k figure which started this thread.
D) They are not affordable based on average industrial wage.
E) The thread was started about 3 bed houses.
F) I don't know it's is ok, you tell me. Have you been to that road?
Ok so Sandyford and Tallaght are not the best examples but the point still stands about people buying in areas where don't want to buy for whatever reason. .
How are people affording rents so?
Balbriggan is north county Dublin.
You can add another 10 grand a year to your expenses either in car or buying a train ticket if you are commuting from there you may as well be in Meath, Kildare or Louth so you may as well shift the goalposts again and find a lovely 2 bed in Laytown to prove that Dublin doesn't have an affordability issue.
Well, a lot of people aren't. For most of those who are, they appear to be exceeding what would be permitted under Central Bank limits in terms of salary per housing costs.
The Central Bank limits is 3.5 times salary to cope with stress testing.
If you think that should be changed, please demonstrate why.
If there's another crash, rents will come crashing down with it.
If interest rates rise, so will mortgage repayments.
No the point does not stand. The idea that people can dismiss all areas for any reasons doesn't stand up to scrutiny when tested. Dublin has public transport. There are thousands of people clogging up the roads every day heading to Dublin because they want to live in green leafy brand new houses elsewhere and won't accept living in a not so nice house in Dublin even though they are spending much of the week in their cars and their children don't see them hardly and everybody spends the weekends sleeping.
Well if you think that is going to happen don't buy. I really wish some of the posters on this thread, who are looking at properties would really tell us where they want to buy and what they are looking at and why. With figures.
The report that I linked to earlier in the thread suggests that housing affordability should be assessed in accordance with the following median multiples (median multiple: median house price divided by median household income) -I think we need to come up with a figure for what is internationally considered affordable based on median salary in comparison to property price
Historically in Ireland median house prices ranged between 2.0 – 3.0 times median household incomes.
No, it's a simple price to income ratio.Does that report make any allowance for mortgage interest rates.
The median multiples in the report reflect median house prices divided by median household income.How does it address double income couples.