A growing number of young people are considering applying for social housing as they struggle with the challenges of affording a home in today’s market, according to the latest Reflecting Ireland research by PTSB.
The survey, carried out by Core Research, revealed that 46 per cent of those currently looking to buy a home are contemplating applying for social housing. This figure climbs sharply among younger adults, with 61 per cent of 18-24 year olds expressing interest in the option.
The findings also showed that 21 per cent of respondents are considering social housing for the first time due to the increasing difficulty of buying a home privately.
First-time buyers (FTBs) in particular are finding it tough to save for a deposit. Just 41 per cent of FTBs surveyed said they have managed to save the required minimum 10 per cent deposit, while 33 per cent have only partial savings, and 27 per cent have yet to begin saving at all.
With rising costs making homeownership harder to attain, many prospective buyers are turning to family for support. One in three buyers say they are relying on financial help from relatives, either through gifts or inheritance, to fund their deposit.