Might be a good time to ask for a raise.

Wannabe home owners would need to take home a salary of €100k per year in order to afford a new two-bedroom apartment in the city.

According to a new report commissioned by Cork Chamber and the Construction Industry Federation (CIF), the projected sales price of a new two-bed apartment in Cork city ranges from €389,000 to €486,000.

That means a first-time buyer “would need an income of between €100,000 and €125,000 to afford such a home in Cork city, the Docklands or suburbs,” warned the report.

A potential buyer would also need a deposit of at least €39,000 to secure a mortgage.

Housing supply shortage

Shockingly, the study shows that 30% of the final sale price goes directly to the governments in fees and taxes, placing the cost of a home far beyond the reach of the average first time buyer.

The rental situation is even worse; the Cork Chamber study showed that the monthly rent of a new two-bedroom apartment would need to be €2,500 (€3,000 for a three-bed) in order to be a viable build-to-rent investment.

The report calls for immediate Government action to address the shortage of affordable apartments in cities, including an extension of the Help to Buy Scheme.