Mortgages half as expensive as rent in Galway City

Galway Daily news Galway City Council has announced plans for a social housing development of 84 apartments and houses in Knocknacarra.

The cost of a mortgage in Galway City is half of what it costs to rent for many properties, with the gap even greater in the county.

In the last Daft Rental Report for Q4 of 2021, the cost of a mortgage for a one-bedroom apartment in the city is €512, compared with €1,026 to rent.

Renting a two bed-house in the city will cost you €1,207 a month, compared with just €625 if you own.

This gap closes for larger homes in the city, €944 mortgage and €1,407 rent for a three-bed house, or €1,888 and €2,113 for a five bed house.

In Galway County the average monthly mortgage payment on a one-bed apartment is €316, compared with €778 to rent the same.

You’ll be paying just €387 a month if you own a two-bed house, or €908 if you’re renting.

At the other end of the scale, a four-bed house in the county has an average mortgage payment of €1,063, and costs €1,151 to rent.

The cost of renting in Galway City went up by 2.2% in the city during the last three months of 2021, and saw a yearly increase of 8.8%.

In the county rents also went up by 2.2% in Q4 of last year. But the real shift came in the year on year change, where rents in the county skyrocketed by 19% in 2021.

The average cost to rent is now €1,504 in Galway City, and €1,138 for homes in the county.