ESRI’s John Fitzgerald: ‘I’m an economist, I don’t do sex...'
‘Housing shortage means young people will have to live at home well into 30s’
Published 17/02/2014 | 12:18
Economist John Fitzgerald is predicting that young Irish people will have to live with their parents until they are well into their 30s unless more houses are built.
And he also said he wasn't an expert on how young people's complicated love lives could be lived while under their parents' roofs, in an interview on Newstalk.
"I'm an economist, I don't do sex and violence," he told 'The Pat Kenny Show' this morning when the broadcaster asked how young peoples lives could be married with living at home into their 30s.
Mr Fitzgerald, chief economist with the Economic and Social Research Institute said the current housing shortage means that we need about 25,000 homes to be built every year, with a focus on the capital, to deal with the shortage and not the 10,000 that will be constructed this year.
"We are currently building about one third of what is necessary," he said.
"The shortage is mainly in the areas of Dublin, Cork and Galway but there are also issues in places like Waterford and Limerick."
In Dublin, for example, building only started on around 2,000 new homes in the 36 months between January 2011 and December 2013.
If we don't see an increase, it will be back to the times of the mid-199s when high rents forced young people to live with their parents for longer, up until they are about 35, he said.