Homeownership rates among young working adults in Ireland have collapsed in the face of rising house prices. Photograph: Getty ImagesThe Central Bank of Ireland’s latest quarterly accounts, detailing the fact that the net wealth of Irish households now eclipses €1 trillion, tell us two incontrovertible facts about the world in which we live. First, household wealth is increasingly a function of real estate assets rather than earnings.
Homeownership rates among young working adults in Ireland have collapsed in the face of rising house prices. Research by the Economic and Social Research Institute suggests that the share of 25- to 34-year-olds who own their own home more than halved between 2004 and 2019, falling from 60 per cent to just 27 per cent.
The regulator’s numbers show that about two-thirds of household wealth in the Republic is tied up in property. This may in fact underestimate property’s position on the balance sheet for various technical reasons. Other surveys suggest it may account for 90 per cent of household wealth here. At the same time, the Government relies nearly exclusively on labour, consumer spending and business taxes to run the State. Shifting the burden of taxation away from labour to property has long been advocated on the grounds that work is more productive and beneficial to society and property less so. This feeds into a long-standing critique of the current system — namely that inherited wealth, which tends to be property, offers riches simply unattainable by working and saving.
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Household net wealth exceeds €1 trillion - Central BankHousehold net wealth exceeded €1 trillion here in the first quarter of this year reflecting higher property values and an excess of savings that some households built up during the pandemic. What's scarce is valuable but what is abundant becomes worth less Poor people have more euros but less time I have Bitcoin and I spent the day gardening Not typical for a 40year old Buy yourself more time Buy Bitcoin Brian will you ever FO SF & PBP will be looking for it
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