As average property prices rise to €250,749 and monthly rent hits €1,222 in Westmeath, 50% of people in Ireland believe mortgage or rent will be the biggest lifetime cost
In Q1 2022, the average price for a house in Westmeath had increased to €250,749 while monthly rents in the county were costing people €1,222 on average. A nationwide survey commissioned by leading protection provider Royal London Ireland, aimed at understanding people’s long-term and ongoing expenses, found that 50% of people believe the cost of housing will be their biggest ongoing expenditure over the course of their lifetime. Just under one third (31% ) said it’s likely to be their mortgage repayments and nearly a fifth (19% ) said their rent payments.
“With rent and house prices throughout the country on the rise, it’s not surprising that half of the people we surveyed believe the cost of housing will be their biggest ongoing expense during their lifetime. The average asking price for a home in Westmeath is now €250,749, up more than 9% from last year. So, it’s understandable that the ongoing and increasing cost of housing, as well as the initial affordability of purchasing a property, are key issues for the Irish public,” Michele Murphy, Westmeath Broker Consultant, Royal London Ireland, commented on the survey findings.
Outside of the cost of housing, survey respondents said raising children was the next highest ongoing expense (15% ) - particularly among 35-44-year-olds (20% ). This was followed by the ongoing costs of paying utility bills like gas, electricity and broadband (12% ). 9% of respondents said that financial products, including saving for their pension and paying for protection products like life, car and home insurance would be their biggest ongoing expenditure over the course of their life.
“The cost of raising children is considered by 15% of people to be their biggest ongoing expense over the course of their life. This is a cost that fluctuates as the years go by and, as it depends on lots of variable factors, it can be hard to estimate just how much it will add up to in total. 12% of people surveyed believe utility bills like gas, electricity and broadband will be their biggest ongoing expense, and with fuel prices soaring it’s understandable why,” Ms Murphy asserted.
The Royal London Ireland survey found women (20% ) were almost twice as likely as men (11% ) to cite the cost of raising children as the biggest ongoing expenditure in their lifetime. People in the 35-44-year age bracket were more likely than any other age group to select the cost of having a family - 20% versus the national average of 15%.
“While you will make provisions for the ongoing expenditure that you will be responsible for during your lifetime - for example the cost of paying your mortgage or rent, and the cost of raising children - it’s important to also have a financial safety net in place so you or your loved ones can continue to meet these costs should you fall ill or pass away. A Financial Broker can help you plan for the future and put the most suitable financial protection for your particular needs in place,” Ms Murphy concluded.
