Dubliners spending 55% of income on rent

An article by Fiona Reddan in today's Irish Times (25th Oct 2017) says that Dubliners are spending as much as 55% of their take home pay on rent. 

"Figures from Sherry FitzGerald, Ireland’s biggest residential estate agent, show just how expensive it has become to rent in the capital, particularly given that rental growth has far out-paced earnings growth, with tenants now experiencing a “severe burden” on their incomes.

Since the end of 2012 the rent-to-income ratio, or the amount of the average income that goes on rent, has been rising steadily, but touched 55 per cent for the first time in the second quarter of this year.

This means that for every €100 in after-tax income earned, €55 goes on rent. So a single person on a salary of €35,000, will have take-home income of €2,405, of which €1,322 will go on rent."