One look at our bank balances will tell you we kind of knew this already but it’s nice to finally see it in writing: the ‘negative equity generation’ is still paying a hefty price for purchasing our homes during the boom.
While a new survey by AA Home Insurance reveals that the overall cost of maintaining a home, including a mortgage, has dropped from €16,432 to €16,210 in the last 12 months (that’s thanks to the drop in average mortgage rates) it’s little relief to embattled thirty-somethings mired in debt and struggling to make ends meet.
According to the AA, a homeowner on a variable rate mortgage who bought their property in 2007 pays €6,257 – a whopping two-thirds (or 66.45 per cent) more in repayments than someone who bought a home this year.
Owning and maintaining a family home now consumes 41 per cent of the average Irish national wage.
Depressing, eh? Don’t worry, it’s not forever. Just the next 35 years.
Did you purchase your home during the boom? Do you think more should be done to help those who are in negative equity? Let us know on Twitter @HerFamilydotie.
