Some 28% of people in Ireland believe they will never be able to own their own home, according to Aviva’s 2018 family finances report. The annual survey, which addresses a range of family finance issues, found that 40% of non-homeowners don’t expect to be able to buy a house for at least a decade.
The findings mirror a recent ICTU survey, which found that 74% of young workers believed they would not be able to buy a house in the future. The survey established that 68% of young Fórsa members were sceptical about their ability to buy a home in the future.
Difficulties raising a deposit and uncertainty about being able to afford a mortgage emerged as reasons for the lack of optimism about buying a home. Both issues are compounded by high rental costs and shortages in the housing market.
Ann O’Keeffe, head of personal pensions and investments with Aviva, said the report shows a change in long term home ownership patterns. “Home ownership has become a dearly held but distant aspiration rather than a plan,” she said.
A release accompanying the survey highlights a gender gap in personal finances apparent throughout the survey, with the number of women aged 25-44 living in rented accommodation 10% higher than men.
The survey also found 29% of respondents are struggling financially despite the upturn in the economy and growth in the labour market. The release said respondents were generally optimistic about job opportunities, but noted the numbers expecting a pay increase this year is down.
The report is available here, and you can find more information here and here.