Renters will pay thousands more for a roof over their head than a buyer taking out a 90% loan.
Wexford renters were paying an average of €2,854 more per year than buyers.
The report by moneysherpa.ie, analysed how rents compare to the equivalent monthly mortgage payments on the same properties region by region.
Mark Coen, founder of Money Sherpa, says that renters are struggling to get mortgages:
“The whole idea that renters cant afford to buy, they can afford it, they just cant get the mortgage. Its more a question of the bureaucracy around it. The lending limits in Ireland are still some of the tightest in Europe. Because the rental market is so tight, it really outs the pressure on renters.”
The only region in the Country where the mortgage repayments are higher than the rents is in South County Dublin. Everywhere else in the Country it is much more expensive to rent as opposed to buying.
