Here's How Much You'd Save In Dublin If You Had A Mortgage Instead Of Renting
Warning: the results are pretty disheartening
We hope you have a giant stack of pancakes to hand to comfort yourself after reading this, because the news is pretty grim.
Daft.ie's latest Property Report has revealed some concerning facts about that state of Ireland's housing market, including the fact renting is now 19% more expensive than it was at the height of the Celtic Tiger and 65% more expensive than at the peak of the crash in 2011.
There's also just 3,150 properties available to rent nationwide. Isn't that madness?
Daft also revealed just how much money you'd save a month if you had a mortgage instead of paying rent...
The catch-22 situation that's driving everyone crazy (you can't get a mortgage 'cos you're paying so much in rent) is even more disheartening when you look at Daft's report of the difference in price for repayments on a home you own vs. a rental.
In Dublin 1, for example, on a mortgage of 4.3% you would be paying €836 a month instead of €1,503.
Over the space of 30 years, you'd spend €313,901 on a mortgage compared to €541,080 on rental payments...
The goal of the Daft Report is to use this information to help all actors in the property market make informed decisions about buying and selling.
Our parents' gaff is looking pretty good right now...