House prices have risen 68pc and wages just 9pc – but 'worst is yet to come' – Independent.ie

Hikes in house prices have dramatically outstripped wage increases during the economic recovery since the last recession.

ages grew by 9pc while the cost of a home has soared by 68pc over the last eight years, according to the latest official figures.

The national median price of a dwelling – which includes apartments and houses – stood at €157,500 in March 2013.

By March this year, it had risen to €264,544, a 68pc rise.

Pay growth has not kept pace. A full-time worker’s average earnings were €44,709 a year in 2013 when the property tax was rolled out. It rose to €48,946 by 2019 – an increase of 9.5pc.

And the gap between pay and the cost of apartments and houses may be set to widen as economists predict further hikes in the coming years.

Economist John Fitzgerald said prices are likely to rise even further next year when life

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