| 14.6°C Dublin

Average home here valued at €150,000

Close

House prices on the rise.

House prices on the rise.

/

House prices on the rise.

This country has one of the highest homeownership rates in the eurozone, with the average value of a home €150,000.

New figures show that seven out of 10 households own their own homes.

This compares with just 44pc in Germany, according to a new Central Statistics Office (CSO) release on household finances.

Mortgage debt was found to be €129,000 for the median household - this is the mid-point average. In other words, 50pc of households owe more and 50pc would owe less on their mortgages.

Some 70.5pc of households in this country own their home, compared with an average across the 16 of the countries that use the euro at 60pc. Home ownership in this country is the eighth highest among the eurozone countries looked at.

Dublin has the lowest rate of home ownership, but has the second-highest number of households with debts.

When other assets such as land are included, the statisticians found that 95pc of households have some form of real asset, the CSO's new Household Finance and Consumption Survey for 2013 shows.

When all real assets are included, the median value works out at €165,000.

For land alone, the median or middle value is €350,000.

The research, which was jointly funded by the Central Bank, found nearly 11pc of households owned land, while nearly 14pc owned other property - usually a buy-to-let.

The survey, of 5,419 households, found that 57pc of households have some form of debt. Just over a third of all households have a mortgage on the main residence.

Debt of €1,000 for overdrafts was typical, with a figure of €1,400 per household the median for credit card debt.

Overall, the median debt is €63,000 for those households with some form of debt.

Younger people tend to have more debt, while older households have more wealth, the CSO found.

Irish Independent