Limerick most affordable city in world to buy home
Published 30/01/2016 | 02:30
Two Irish cities topped the poll as the most affordable to buy a home in a global study.
Limerick was ranked number one out of 367 global cities across nine countries, followed by Waterford which took the second spot in the poll.
The 12th Annual Demographia International Housing Affordability Survey looked at typical household income and typical house price s to gauge how affordable each city was.
It found that Limerick residents earned a median (middle) household income of €51,200 and the median house price was €92,800.
This means a person buying a home in the city can do so for just 1.8 times their annual income.
Waterford came second in the list of global cities, tied with seven US cities. With homes typically costing €100,000 and the median wage at €47,000 it costs 2.1 times the annual income to purchase there.
Ireland's overall Median Multiple is an "affordable" 2.8, the best in the survey for the third year in a row.
Galway ranks 59th overall. It has median incomes of €50,800 with houses costing €143,000 for a rating of 2.8 putting it in the affordable category.
Cork homes cost €171,250 with typical incomes of €51,700 giving it a 3.3 rating which falls into the Moderately Unaffordable category.
However, Dublin fares the worst. It is listed among the seriously unaffordable markets with a median multiple of 4.5 last year.
Dublin houses cost an average €263,000 but typical incomes in the capital are just €59,000.