Revealed: The cost of running a home - and it's even higher for boom buyers
The annual cost of owning and maintaining a family home has risen to more than €16,600 - which is almost half of the average national wage, a new study reveals.
And those who bought during the boom are even more hamstrung, according to AA Home Insurance. It found that this group need to earn extra €10,000 each year in income, just to have the same standard of living as someone buying their home this year.
After dropping for the first time in four years in 2015, the annual cost of running a home has risen again to €16,611.14.
Mortgage and property tax are calculated based on the current average property price.
It noted that the average price of a second-hand home in Ireland rose from €205,000 during the third quarter of last year to €215,000 in the same period of this year.
Those who took out a 90pc mortgage this year are likely to pay €9,847.48 per annum - an increase of 4.57pc on last year.
All other expenditure - from broadband, to heating, to the cost of domestic appliances - is researched and calculated according to prices as of October.
"The rise in property prices is the biggest change to the AA figures this year, but the consumer did make some gains on energy and heating costs," said AA director of consumer affairs Conor Faughnan. "Prices rose for items like home insurance, broadband and bin charges."
While the AA based its main calculations on those of a new buyer, it also looked at the "negative equity generation" - homeowners who bought their house at the peak of the boom. That group currently pays €5,330.47 more on mortgage repayments than their counterparts who purchased homes this year.
"Those who bought property at its 2007 peak paid about a third more than the current value, and that large group of citizens are still carrying a huge burden," added Mr Faughnan.
"It is not just that they can find it difficult to move on because of the equity issue; their monthly payments are so high, that they would need an extra €10,000 per annum in salary just to be in the same situation as someone who bought their house this year."
Maintenance, repair and contingency funds is the second most expensive bill for Irish householders. The AA estimates the average homeowner is likely to spend or set aside €1,240.63 each year to keep up with wear and tear. Factors that remained the same as last year included TV licence costs at €160, water charges at €260, property tax at an average €4,058.