The “generational pension” isn’t just for millennials.
I’m 45 and at this moment it feels like I’m renting forever.
Being in my 20s and even 30s I figured I would be well taken care of with a nice home of my own by that point – but unless my family decides to move from Dublin to a county where prices are low Haven’t risen in the last decade, it doesn’t look likely anytime soon.
It’s not because our combined monthly income is low.
Considering the average salaries, my husband and I are doing well, quite well in fact, but considering what the bank is lending us for prices, well, we’re dreaming.
We rent 6 in Dublin. OK it’s terribly expensive to buy here but we are very flexible about where we would base ourselves in Dublin – but a decent family home is well out of our reach.
Real estate prices are crazy. There is a two bed cottage in Dublin 8 that we could afford in one go but as a family of six it’s fine Angela’s Ashes Style.
The Indo Daily: Have We Reached Peak Property Prices – Is Now the Right Time to Buy?
I look around at neighbors and friends who have bought, and I notice that even professionals with two substantial incomes, many have been helped by their relatives.
Mortgage rules have been tightened since the financial crisis – with the result that it’s already difficult to buy a family home in Dublin unless you’re earning a very good salary, have sold a business or mum and dad’s bank offers a foothold on.
Unfortunately, we both come from large families, so mum and dad’s bench isn’t a runner.
We are lucky to rent a nice house and have nice landlords – an Irish family living abroad.
But we live in fear of their return. I’m not sure what will happen then.
And there seem to be many Irish people I know returning to Ireland post Covid including my brother and brother in law.
And they have money to splash on houses, which could also help drive prices up.
However, people are starting to say that prices will fall.
I really hope so — although I would feel sorry for those who may be suffering from negative equity.
In the last crash I kicked myself; We had a deposit and could have bought, but we lived abroad and put it off.
The same homes we considered back then are now 50 percent more expensive.
I tell myself not to think, ‘What if?’ but it would be so nice to own a house.
To be able to tell the children that we won’t be moving anymore.
If nothing changes I’ll be 65 and we’re still renting – it’s crazy.
Hopefully by then my kids will be successful and maybe buy me a house.
That’s my hope these days — the opposite of a dig from Mom and Dad’s bench.
It’s depressing paying rent when you’re in your 40s.
https://www.independent.ie/business/personal-finance/generation-rent-im-45-now-if-something-doesnt-change-i-will-be-65-and-still-renting-41817101.html Generation Miete: “I’m 45 now – if nothing changes, I’ll be 65 and still rent”