New research from price comparison site Switcher.ie shows the average time it could take to save for a deposit for a mortgage in Ireland is 4.6 years.
Switcher.ie said that Dún Laoghaire is the least affordable place and could take up to 27.9 years to save for a downpayment, while it could take 13.5 years to save for a deposit for a home in Wicklow.
Leitrim is the most affordable place for first time buyers, taking two and a half years to save for a deposit.
Today's research shows that Leitrim, Longford, Roscommon, Sligo, Mayo, Cavan, Clare, Limerick, Tipperary and Offaly are the ten most affordable areas and take, on average, 2.9 years to save for a deposit.
At the other end of the scale, Dún Laoghaire, Wicklow, Dublin, Kildare, South Dublin, Fingal, Dublin City, Galway City, Meath and Louth are the 10 least affordable places and take, on average, 9.8 years to save for a deposit.
Meanwhile, Roscommon is the most affordable county for sole buyers, taking two and a half years for a deposit on an apartment.
Switcher.ie's affordability index considers earning power, household saving rates and the median property prices for each area to estimate how long it might take to save for a deposit.
It said that despite mortgage activity declining last year, first-time buyer mortgages remained buoyant accounting for around 63% of the market.
The average first time buyer drawdown was €282,084 - the highest level since records began in 2003 - it noted.
Today's research also revealed a correlation between areas with the highest house prices and the number of new builds in 2023.
Switcher.ie said this means the type of housing that qualifies first time buyers for many help-to-buy schemes has been built in the most expensive areas, with Dún Laoghaire, Dublin and Kildare attracting most of the new builds in 2023 and places like Leitrim, Longford and Roscommon only seeing a fraction of the new house builds.
Eoin Clarke, commercial director of Switcher.ie, said that where people live and work dramatically impacts earnings, savings and how long it takes to gather a deposit, so it has developed the affordability index to help anyone who wants to get a foothold on the property ladder.
He noted that Midland counties Roscommon, Leitrim and Longford were listed among the most affordable, while the western regions of Limerick and Sligo earned their place in the top ten due to the higher salaries in the region.
"Unsurprisingly, areas in and around Dublin were least affordable for sole and joint buyers. Buying with someone else can improve lending limits and significantly reduce the time it takes to save for a deposit and in many circumstances, it's the only way to get on the housing ladder," Mr Clarke said.
He also said that as Ireland introduces laws to support more flexible working arrangements and the daily commute takes a back seat, the cheaper, rural locations could become increasingly popular for young families and couples buying their first home.
