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Life

29th Oct 2014

€16,432 Per Year: How The Cost of Running A Home in Ireland is On The Rise

The calculations are based on a 'typical' Irish household.

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New figures released today show that on average, it costs approximately €16,432 to run a home in Ireland which is at least half (if not more) of the average wage here.

The survey was carried out by the AA and revealed that the figures have seen a 5% rise on the same time last year. The results were measured on an average wage of €35,830.

“Our calculations are based on a ‘typical’ Irish house and includes mortgage, energy and heating, repairs and maintenance costs,” said Conor Faughnan of the AA. “The surge in house prices affects this year’s figures.”

The survey focused on having bought a house in 2014, but also looked at those who bought in the height of the boom and are now in negative equity.

For people in those situations, the cost of running a home goes up. For example if you bought in 2007 it actually will cost you €22,012 per year to run your home. Meanwhile those who bought last year will average out at about €15,534 per year.

Costs include mortgage repayments, light and heat, repair, insurance and telephone and broadband, however the results do not factor in food, clothes, car or any forms of leisure.