Running a home bought in the boom costs an average of €920 a week

Running a home bought in the boom costs an average of €920 a week

The cost of running an average home for those who bought at the peak of the boom could be €920 a week

The Irish Times reports today that an Irish family who bought a house at the height of the property boom would need to earn more than €920 a week after tax just to maintain their home and to cover everyday expenses.

New figures from AA Home Insurance and independent research carried out by the Times.

The study, released this morning, priced mortgages, home insurance and utility bills as well as a basket of 10 other goods and services. It shows the average annual cost of owning and maintaining a home in the Republic, based on today’s house prices, is €15,400. However, for people who bought in 2007 and paid the average price of €344,000, the cost of maintenance climbs dramatically to €22,000 a year.

Those figures do not include the cost of groceries or running a car, not to mention other items such as health insurance, clothes, mobile phone bills, education, childcare and entertainment.

Read Conor Pope’s article in today’s Irish Times here.

Source: Conor Pope/The Irish Times

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