What Is the Cost of Living in Ireland 2024?

By Cormac Breen

Content Manager

In 2024, the cost of living for a single person in Ireland is an estimated €990.10 per month without rent included. For a family of four, the estimated monthly cost of living is €3,467.40 with rent excluded. The rate of inflation has fallen from 4.1% at the start of 2024 to 2.2% by mid 2024. The average annual electricity bill is €1,374.39 on a standard, urban 24hr meter.

What Is the Cost of Living in Ireland?

The term 'cost of living' refers to the amount of money needed to sustain a certain standard of living by affording expenses such as housing, food, transport, healthcare, energy etc.

Factors that can influence the cost of living include:

• Average salaries
• Rate of inflation
• Rate of VAT
• Rate of income tax
• Supply and demand of housing
• Cost of energy including gas, electricity, petrol, diesel and home heating oil.
• Cost of food, healthcare, education etc.

Source: Numbeo

How Much Is the Cost of Living for a Single Person?

For a single person living in Ireland, the estimated monthly cost of living is €990.10 not including rent.

Given that the average monthly rent in Ireland for a one-bedroom apartment is currently €981, we can estimate that the total estimated cost of living for a single person living and working in Ireland is €1,971.

Based on these estimates, a single person would need to earn a minimum of €2,500 per month to live comfortably.

How Much Is the Cost of Living for a Family?

For a family of four, the cost of living rises significantly to an estimated €3,467.40 a month, not including rent or mortgage payments.

Given that the average monthly mortgage payment in Ireland for a three-bedroom home is currently €814, we can estimate that the total estimated cost of living for a family of four is €4,281.

Based on these estimates, a family of four would need to earn a minimum of €5,000 per month to live comfortably

What Is the Cost of Living for Energy in Ireland?

As of August 2024, the average electricity bill is €1,364.39 for customers with a 24-hour urban meter.

The average gas bill is €1,257.39 for customers on a standard gas meter.

Energy bills have become a lot more expensive in recent years, given the global energy crisis affecting electricity prices.

When it comes to your utilities bills, such as energy, broadband, and waste bills, these are usually the most expensive bills you need to pay for after your rent.

Average EABs calculated using weighted average method. This approach ensures that the average reflects the varying rates charged by different energy suppliers and their respective market shares in Ireland.
Last updated: August 2024

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What Is the Cost of Living for Rent in Ireland?

In 2024, the average rent in Ireland is €1,136, according to the Residential Tenancies Board Rent Index for Q4, 2023.

This standardised average is a mix adjusted rent that takes account of the changing mix of properties in an area.

Here’s a list of the average rent prices from most expensive to cheapest in Ireland:

Source: RTB Q4 2023 Rent Index

What Is the Cost of Living for Mortgages in Ireland?

In 2024, the average mortgage payment in Ireland is €814, according to the Daft.ie Rental Price Report 2024 Q1.

While average mortgage payments are almost 30% less than rental prices, due to Ireland's housing crisis, renters are still struggling to get on the property ladder.

Source: The Daft.ie Rental Price Report 2024 Q1

What Is the Cost of Living for Food in Ireland?

While the rate of inflation has dropped from 4.1% in January 2024 to 2.2% by mid 2024, supermarket prices remain high, adding further costs to an already expensive monthly expenditure.

This is due to the fact that inflation reached an unprecedented 10% in 2022 which saw a spike in pricing for food.

While the rate of inflation has dropped by almost 8% in two years, prices remain high.

Here’s a list of the current food shop prices in Ireland at the moment:

Source: Numbeo

What Programmes Are There to Help the Cost of Living?

To alleviate the cost of living in Ireland, there are several social welfare payments in place to help people who are struggling.

These programmes are aimed at alleviating the two biggest costs people have in housing and energy.

With Budget 2025 set to be announced in October 2024, we will have to wait to see if the government makes any changes to these schemes for 2025.

What Help Is There for Energy Costs?

In recent budget announcements, the government has introduced various relief schemes to help those struggling to pay their energy bills.

1. Fuel Allowance
   The Fuel Allowance is available for people who are struggling to pay for their energy bills, particularly when it comes to heating costs.
   The Fuel Allowance pays out a weekly €33 and is available to people who also receive another social assistance payment.
2. Free Electricity Allowance
   The Free Electricity Allowance is also another payment available to help with the rising costs.
   This is for €35 a month and is part of the Household Benefits Package aimed at helping people at risk of not being able to afford their electricity bills and for vulnerable energy customers.
3. Electricity Credits
   Each domestic electricity customer received a €450 electricity credit payment that was split up into three instalments paid until April 2024.

What Help Is There for Rent Costs?

There are a couple of programmes in place to help with renting costs as well as social housing. Here’s a list of some of the main ones on offer for renters:

• Rent Tax Credit
  The Rent Tax Credit is tax relief for single people and couples who are struggling to pay their rent.
  The tax relief is 20% of your rent with a maximum of €750 for single renters and €1,500 for couples. The Rent Tax Credit will end in 2025.
• Housing Assistance Payment (HAP)
  The HAP scheme is available for people who need long term support for their housing costs. The way it works is you pay rent to your local authority instead of your landlord.
  The rent you pay to the local authority is based on your income. The local authority then pays your landlord the full rent on your behalf.

What Else Can I Do To Help With The Cost of Living?

Unfortunately, the cost of living in Ireland will continue to present a challenge for every Irish household, with prices set to remain high for the foreseeable future.

Here at Selectra, we want to help you lower your energy costs with our energy saving top tips so that you can lower your monthly bills and have more money to spend on the things you want to:

• ⚡ How To Reduce Your Energy Costs
• Switch energy suppliers every 12 months to avail of discounts and introductory offers.
• Compare the market to see who is the cheapest electricity supplier.
• Retrofit your home with the help of SEAI grants.
• Learn more about energy consumption in your home and adopt more energy efficient habits.
• Invest in renewable energy sources such as solar panels to offset your energy costs.
• Install a heat pump to reduce heating costs.

If some of these are out of your budget, have a look at our 101 ways to reduce your energy bill guide for some more budget friendly tips.