Nearly one in four renters in Ireland believe that they will never be able to buy a home, according to a recent survey that highlights the country’s ongoing housing challenges.
The survey, conducted by Aviva Insurance Ireland DAC, found that 29 per cent of respondents cited the lack of affordable housing options as the primary reason they continue to rent.
Interestingly, 14 per cent of respondents said they prefer renting, with 6 per cent citing the flexibility and mobility it offers.
The research, which surveyed 1,000 people nationwide, found that 61 per cent of respondents own their homes — 32 per cent owning them outright and 29 per cent with a mortgage.
Meanwhile, 24 per cent are renting in the private rental market, 8 per cent are living with family or friends without paying rent, and the remaining 7 per cent are living with others while paying rent.
Notably, financial constraints preventing homeownership were most prominent among those aged over 55, with 45 per cent in this cohort stating that affordability issues hinder their ability to buy.
The survey also revealed a gender gap in saving habits, with more men (38 per cent) than women (29 per cent) currently saving for a future home. The highest proportion of savers was among those aged 18 to 24.
Commenting on the findings, Julie Frazer, Underwriting Product Lead at Aviva, said: “While many people who are renting are doing so in the hope that they can save enough to get on the property ladder, it would appear from the research findings that there is a dearth of affordable properties available in the market for first time buyers.”