Research conducted by the National Youth Council of Ireland has revealed that over one-third of individuals aged 18 to 29, residing with their folks, have not yet ventured out to live independently. Unaffordable rents and the struggle to save for a down-payment have compelled these early career professionals to consider moving back in with their parents as the most viable solution to accumulate the hefty sum necessary for house ownership.
Isaac Nolan, a 28-year-old University College Dublin graduate who works in the financial services sector, is one such young adult. Despite having had an assortment of experiences with shared accommodations, some relatively smooth and others quite chaotic, Nolan chose to bid farewell to the idea of lifelong leasing. Irrespective of him and his partner, Kes, collectively earning approximately €100,000, they found the most practical strategy to build up a deposit was to temporarily shift back to Nolan’s family residence in Ballygarrett, a northern district in County Wexford.
Nolan pointed out the lack of stability in the rental sector, remarking that there are insufficient safeguards for particular types of tenancies. This, he believes, escalates the number of individuals striving to secure their own abodes and he urges the Government to take more rigorous actions to tackle the housing crisis.
Grateful for the opportunity to accumulate some savings by migrating back home, Nolan acknowledged that it was not without its obstacles. Both he and Kes have job roles that allow remote working for a couple of days in a week. They have managed to synchronise their in-office workdays to evade travelling separately, yet these often result in prolonged hours.
The couple’s social bustle is still largely based in Dublin, which isn’t quite far from Wexford but most of their nights out usually end with them crashing on a friend’s sofa. Despite the immediate inconveniences, Nolan sees it as a scenario of enduring temporary discomfort for long-term benefits.
Their aim is to increase their current savings over the upcoming 18 to 24 months. They believe that possessing roughly €50,000 would optimally position them to proceed with their plans.
In Dublin, they determined that it was practically unfeasible to continue renting whilst also striving to save, without significantly delaying their dreams of homeownership.
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“The rent for the type of properties we had our eyes on ranged from €1,800 to €2,200 monthly, which is hardly maintainable in the long run if your objective is to save,” he conveyed. “Some of our friends who perhaps do not have the liberty to return to their parents’ home for various reasons are trying to manage but saving a considerable amount of money in such conditions does lead to a substantial decline in one’s standard of living.”