National survey reveals 92% of young adults concerned they will never afford to buy a home
Virgin Media Television’s State of The Nation survey has found that 18-24 year-olds have serious concerns around renting and being able to get a mortgage with a significant number considering emigrating over the next twelve months as the cost of living crisis continues to impact them.
The Red C research found 41% of all respondents and 92% aged 18-24, are concerned they will never be able to afford to buy a home in Ireland. As a result, half of the 18-24 year old's are considering emigrating within the next year. Those living in Dublin are most likely to consider leaving the country.
Just over half (53%) of respondents in rented accommodation are concerned they will not be able to meet their rent payments within the next twelve months with half of renters feeling anxious that themselves or their families could end up in emergency accommodation, rising to 56% among 35-54 year old's.
Only one-third (33%) of respondents planning to buy a home are in a position to regularly save for a deposit for a mortgage, rising to only 42% among 18-34 year old's with less than a quarter (24%) of those seeking a mortgage still planning to take one out next year. However, almost half of respondents (48%) looking to buy a home are dependent on help from parents/family members to meet the deposit required, rising to 60% among 18-34 year old's.
Over half (53%) of respondents are concerned they will not be able to meet their rent payments within the next twelve months, rising to 58% among 35-54 year old's with less than half (44%) being able to move in with their parents or a family member, if faced with the prospect of having to move out of their current rented property. This figure rose to 59% among 18-34 year old's with only 35% of those aged 35-54 admitting they have this option available to them. When looking at this by region, only 29% of respondents in Connacht/Ulster have this option.
33% of those renting don’t feel secure in their rental agreement rising to 37% among 18-34 year old's. Those in urban areas feel less secure versus their rural counterparts. 53% are concerned their landlord will serve notice on them to leave, rising to 58% among 35-54 year old's. A staggeringly high number of renters (80%) are not confident they would find similarly priced accommodation in the same area if they had to move out. This rose to 94% for those aged 55+.
Just over one-third (36%) could sustain a modest increase in their rent, with this figure dropping to 34% among 18-34 year old's. Those in the Dublin area are less able to sustain a modest increase with just 31% saying they could afford it.
When it comes to mortgages and homeowners, overwhelmingly, the majority (86%) of respondents who are paying mortgages are concerned about increasing mortgage interest rates. 42% of homeowners currently on a variable/tracker rate and considering fixing their mortgage payments, rising to 55% among the financially under-pressure 35-54 year old's. While over a quarter (27%) of respondents feel their home is at risk as a result of the cost-of-living crisis, rising to 35% among 18-34 year old's. This concern is strongest in urban areas.