News

Almost half of people (46%) in Ireland believe that the best age to purchase a first home is between the ages of 25 – 29, over a decade younger than the national average of 39 years according to the most recent Central Statistics Office (CSO) data.¹

While one-third (36pc) deem the ideal age to be between 30 – 34, just 7pc consider the prime home-buying age to be between 35 – 39.

These findings are from the latest survey by Royal London Ireland², one of Ireland’s leading life insurance and pensions companies. The research polled 1,000 adults nationwide and compared the findings to the results of a 2018 survey. The comparison shows that more people in 2024 (46pc) believe that between 25 – 29 is the ideal age to buy a first home compared to 41pc in 2021 (see appendix), despite CSO figures showing that the average age of homebuyers is increasing year on year.

• Notable highlights from the Royal London survey include:

  More than nine in ten (91pc) people in Ireland believe that individuals should purchase their first home before the age of 35.

• Men are slightly more likely to believe the ideal age for home buying is below 30 (59pc male vs. 52pc female respondents).

• The older generation (55+) is more inclined to believe that people should own a home in their 20s compared to those aged between 25 – 34 (64pc vs. 50pc respectively).

Barry McCutcheon, Protection Proposition Lead at Royal London Ireland, commented: “There is a persisting belief among the general public that individuals aged 25 to 29 are the prime candidates for homeownership, despite statistical evidence indicating that the reality is markedly different. CSO data indicates that 39 is the average age for joint homebuyers in Ireland. For individuals purchasing a home on their own, the average age increases to 43.³

“What was once considered the traditional sequence of milestones – get married, buy a home, and have children – is outdated and no longer the norm. Nowadays, it’s typical for individuals to go through a period of renting at some stage and current house prices mean that most people have to wait until they’re well into their thirties before they can realistically afford their first home. “Life was vastly different for older generations, now over the age of 55, compared to today. In the 1970s, average house prices were €14,162, and in the 1980s, they were €45,223, according to historical data⁴, compared to 2024’s figures of €330,000⁵. The context for buying is also very different given wage inflation has not kept up with house price inflation – according to CSO the average industrial worker needs more than seven times their salary to buy a house today, compared to four-and-a-half times their salary in 1973.⁶ Such substantial changes in housing affordability and the purchasing power of consumers undoubtedly shape the housing realities for different generations.”

Moving Out
Almost half of respondents (47pc) to the Royal London Ireland survey said that under 25 is the best age to move out of home, while four in ten (42pc) say that between 25 and 29 is ideal.

Almost nine in ten (89pc) people who responded to the survey said, that by the time you have reached the age of 30, you should have been able to move out of your family home.

Barry McCutcheon added: “Things appear to have moved on in the intervening six years since we first asked the question – What do you think is the ideal age to move out of the family home? Back then, whether it was to rent or to buy, 68pc of respondents believed that the ideal age was somewhere below 25, but fast forward to 2024 and that group has fallen to 47pc. It begs the question – as the years go by, are fewer and fewer people considering this a realistic possibility?

“The findings indicate a discrepancy between societal expectations and real-world circumstances. It’s clear that while nine in ten people advocate leaving home by 30, practical challenges such as housing affordability and financial constraints often leave individuals no choice but to continue living at home.”

[1] CSO | Characteristics of Residential Property Purchasers 2010-2021
[2] Conducted by iReach
[3] CSO | Characteristics of Residential Property Purchasers 2010-2021s
[4] CSO | Ireland and the EU at 50
[5] CSO | Residential Property Price Index February 2024
[6] CSO | Press Statement Ireland and the EU at 50