Two-thirds of renters struggling to meet monthly rental costs

Two-thirds of renters struggling to meet monthly rental costs

It is claimed two-thirds of renters are struggling to keep up with monthly repayments and are increasingly locked out of home ownership.

A new report from The Housing Agency also found that people are paying up to 40% of their monthly salary on their housing needs compared to 20% or 25% a number of years ago.

It also shows that a third of mortgage holders have problems meeting their repayments.

The findings of the survey will be discussed at the agency's annual conference today.

Housing Agency chief executive, John O'Connor, said: "There are people who in the normal course of events rent, but a few years ago were spending 20% or 25% of their income on rent but now find they're spending 40% of their income, particularly in Dublin.

"They are people who would probably have always rented but some would be aspiring to home ownership, but it's more difficult for them because they cannot save a deposit.

"That's the single biggest issue, because so much of your income is being used to pay rent, there's no surplus there to save."

The findings of the survey of 1,400 people will be revealed at the agency's annual conference today.

    Other findings from the survey were:

  • 92% were either ‘very satisfied’ or ‘satisfied’ with their current home
  • Homeowners are almost twice as likely to describe themselves as ‘very satisfied’ with their homes compared to renters
  • Homeowners are also more likely to ‘strongly agree’ that they enjoy living in their home – 76% of homeowners compared with 60% of renters
  • One in five report that shortage of space is an issue
  • 16% of people surveyed find it difficult to cover the costs of maintaining their home
  • 16% also find it difficult to keep their homes warm
  • Neighbourhood satisfaction levels were high with 48% ‘very satisfied’ and a 43% ‘satisfied’ with the area they live
  • Homeowners are more likely than renters to have positive experiences of neighbourhood services such as public transport.
  • Geographically it was those living in rural neighbourhoods that were most satisfied with their neighbourhood

- Digital Desk

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