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Cheaper to buy home with mortgage than to rent one in the South East

Cheaper to buy home with mortgage than to rent one in the South East

People can now buy a home with a mortgage cheaper than they would rent one in the South East.

That's according to a report in today's Irish Independent, as it now costs more than €300,000 to rent than it would be to buy a home with a mortgage over a 30 year period.

The publication states it's due to spiraling renting costs and the price of a mortgage falling.

The data, based on the Daft.ie's House Price and Rent report for the final Quarter of 2021 found that Wexford and Waterford are the two most expensive counties to rent a house in the South East.

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Waterford's average monthly rent price stacks up at €1,300, while it would only cost €932 to pay off monthly mortgage repayments.

The average monthly rent for Wexford stands at €1,300 also, however, the Model County is slightly cheaper than the DΓ©ise for mortgage repayments, as the average for the county comes in at €882.

In Carlow, people who can secure a mortgage will pay €359 a month less than a renter as the average rent lies at €1,146 while monthly mortgage repayments stand at €787.

Just on the other side of Carlow, it costs €902 to pay off the average mortgage of a house in Kilkenny, while renters face paying €1,162 a month on average.

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Finally in Tipperary, it's the cheapest county in the South East to buy a house in with the average monthly repayment on mortgage standing at €719 - while for renters, it would cost them over €300 more, with an average rent of €1,001.

Over 30 years, it would cost people in Carlow over €129,000 more to rent than pay off a monthly mortgage payment.

The difference in Wexford is over €150,000, around €93,000 in Kilkenny, almost €102,000 in Tipp, and just over €102,000 in Waterford.

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