Is it cheaper to pay rent or a mortgage on a house in Ireland? Check out our county by county guide 9 months ago

Is it cheaper to pay rent or a mortgage on a house in Ireland? Check out our county by county guide

What’s the housing situation like in your county?

Ireland, as is more and more evident with each passing day, is in the middle of a housing crisis, one of the most acute in living memory.

Having bottomed out as recently as 2013, house prices throughout the country have risen by over 70% since, including by over 10% in the last year.

In Dublin, house prices increased by just under 90% in a six-year period and it is in the capital where alarming tales of the rental market experience rear their ugly head on a weekly basis.

Put simply, it’s a tricky situation for people looking to get their feet on the property ladder right now and if you’re one of those people, you might find our county by county guide below a useful tool to monitor the situation where you live and how it compares to elsewhere in Ireland.

Put together by our friends at The Information Lab Ireland, based on data from the Daft.ie rental price report for the second quarter of 2018, the interactive visualisation allows you to compare the price of paying rent to the price of paying a mortgage in the 26 counties in the Republic of Ireland and in every postcode in Dublin.

You can select a house type in the top right corner of the visualisation (options range from a one-bedroom apartment to a five-bedroom house) and a mortgage rate (4.3% or 6.4%) to see whether renting or paying a mortgage on a specific property in a specific area of the country is more expensive.

The mortgage rate assumptions are 3.75% variable rate, 30-year term with 85% LTV (loan to value) and a 2% increase option.

The gap in the figures between some parts of the country and others (Leitrim and Dublin 4, for example) is eye-opening, as you’ll notice when you check it out for yourself below.