That's a headline that will raise the blood pressure of many a public servant out there, paying increasingly exorbitant rents in the capital and wondering if they will ever be a homeowner. But, according to one financial expert speaking on Today which Sean O'Rourke, the ubiquitous Guard and nurse combo (the go to reference point, it seems, for discussions about cost of living, home purchases, and so on), can very well afford to get onto the property ladder, if they are determined enough to do so.
Would you like to hear the figures, as recounted by Brendan Burgess, founder of AskAboutMoney.com? Of course you would.
"People say a guard and a nurse can't buy a house in Dublin. That is absolute nonsense… A Guard and a nurse with about three years' experience have a combined income of about €65,000. Paying rent for an apartment in Dublin with their living expenses, they would save around €20,000 a year. After three years, they would have €60,000. That's with no previous saving, with no help from parents."
But, he says, there is a touch of "getting real" about the realities of the world we live in, particularly in the context of Central Bank mortgage rules, which were the basis for all of this discussion.
In order save that money, he says. "They would not be able to go out every night of the week, not be able to buy coffee on the way into work, three times a day, they would have to budget." Failing this, and if they got a 100% mortgage instead, they would be "scrimping and scraping for the rest of their lives".
Well, if you were one of those legendary Guard/nurse partnerships listening to the interview, and if your blood pressure was suitably raised, Michael Dowling, Chair of the Irish Brokers Association Mortgage Committee, was on hand to take apart some of Brendan's arguments.
"I wish Brendan would stop talking about 100% finance. There is not 100% finance available in this market."
On that combined income, he says, our Guard and nurse would qualify for a mortgage of around €250,000. Given the average price of a house in Dublin this €350,000, that is a major shortfall, according to Michael. How is an average couple going to possibly bridge that gap?
Cue extended period of "on the one hand/on the other hand", between the two financial experts.
On the other hand, according to Brendan, first-time buyers "don't buy the average house in Dublin". They buy below that average, a starter home, and work their way up. There are plenty of houses available, said Brendan, for under €300,000.
According to Michael, many of those are not houses, they are apartments, unsuitable for a starter couple. (Presumably, if our test couple are considering starting a family, for example.)
The average rent, he says, is over €1000 for a one-bedroom apartment, over €1300 / €1400 for a two-bedroom apartment. So, with rents spiralling, where are people meant to get the money to save these giant deposits?
All of this discussion took place in the context of new Central Bank rules on mortgage lending and borrowing which were announced around lunchtime today. And, although the discussion took place in advance of the announcement from the Central Bank, the issues raised are still relevant to any prospective house purchaser.
Both guests were armed with figures to back up their arguments, despite their differences, the interview is well worth listening back to. You can do just that by clicking here.