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Almost 1 In 6 People Question If They Will Ever Own A Home

Almost 1 In 6 People Question If They Will Ever Own A Home

Almost 1 in 6 people question if they will ever own a home housing crisis
Almost 1 in 6 Irish people feel that they will never be able to buy their own home according to a new survey from AA Home Insurance.

According to the study of over 5,000 people, 9.22% of respondents believe that owning their own home is something they were unlikely to achieve. While almost 7% stated that they somewhat agreed that will struggle to ever purchase their own home.

The survey also found there was a huge generational gap in attitudes towards home ownership. Respondents under the age of 35 were more likely to feel that buying their own home was ahead of them. 

AA Director of Consumer Affairs, Conor Faughnan said: "Housing has long been a concern for Irish people and for our government, but it does appear that people are becoming more sceptical of their ability to ever own their own home, with this being particularly true for younger generations."

"In previous decades those approaching their mid-thirties would have been on the verge of entering the property market, but a lack of supply and rising costs is forcing this cohort to question if they will ever own a home or at the very least delay purchasing for several more years."

The survey also found that 53.12% of those surveyed agreed with the idea that owning a home is an important milestone in life, with a further 24.98% partially agreeing.
 
"If and when you get there, purchasing your first home is a major moment in anyone’s life and, in all likelihood, represents the biggest purchase that most of us will ever make," he said.

"When you are entering the market there are some ways to keep the costs down, particularly when it comes to insuring your home, which could help make home ownership a little more affordable."

"No-one would ever purchase the first property they see without looking at alternatives, and you should take the same approach with your home insurance. Even if your bank or another insurer that you have a pre-existing relationship with offer you cover at a reasonable price, it’s still worth shopping around to see if you can find a better deal".
 
Written by Kellie Kearney staff writer at FFHQ who also blogs at www.mylittlebabog.com.