What Is the Cost of Living in 2024?

The cost of living in Ireland is currently €981.70 a month (without rent included). With inflation coming down, the cost of living should also be easing as well, but unfortunately we’re still feeling the squeeze. In our cost of living guide, we go through all the costs for 2024 and how best to deal with them.

What Is the Cost of Living in Ireland?

The cost of living in Ireland is currently €981.70 a month for a single person. This might seem a lot of money, but this is actually excluding rent which would add at least another €1,732.88 for a one bedroom flat in the city. In our guide, we’ll break down all these costs of living in Ireland to get a better overall picture of our monthly spending.

How Much Is the Cost of Living for a Family?

For a family of four, the cost of living is €3,436.90 a month, making things a lot more expensive if you’ve got children. Other factors to consider are children’s clothing and private childcare which can reach €1,066.31 per child!

Again, this is without the monthly rent included so if you have a three or four bedroom apartment, you’ll need to add on another €2,500 to €3,000 a month on top of these costs!

What Is the Cost of Living for Energy in Ireland?

When it comes to your utilities bills, such as your energy, broadband, and waste bills, these are usually the most expensive bills you need to pay for after your rent. Energy bills have become a lot more expensive in recent years, given the global energy crisis affecting electricity prices.

What Is the Average Energy Bill in Ireland?

The average energy bill in Ireland comes to around €1,444.94 for customers with a 24 hour urban meter. Of course, the average bill will depend a lot on where you live (where you’re in an urban or rural area) and what type of meter you have. Here’s a list of the average estimated annual bills (EAB) for energy in Ireland for different meter types:

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. 
Dual fuel EABs calculated for single rate electricity, smart meter dual fuels may differ.

What Is Fuel Poverty in Ireland?

Fuel poverty is a major concern when it comes to the cost of living crisis. Fuel poverty is where the cost of energy becomes unaffordable for households to manage heating and electricity bills due to how expensive it has become. In Ireland, you enter fuel poverty if you are spending more than 10% of your income on energy costs and around 29% of Irish households are estimated to be living in energy poverty.

What Is the Cost of Living for Rent in Ireland?

The average rent in Ireland is currently €1,544, according to the Residential Tenancies Board Rent Index for Q1 2023. The cost of rent is one of the biggest drivers of the cost of living in Ireland and is contributing to the ongoing housing crisis making living on your own very difficult. Lots can affect this figure, for example the size of the property.

What Is the Cost of Rent in Each County in Ireland?

The most expensive country to rent in Ireland is Dublin for €2,102. This can also change depending on whether you live inside or outside the city, with the costs outside being much less. Here’s a list of the average rent prices from most expensive to cheapest in Ireland:

Source: Residential Tenancies Board Rent Index for Q1 2023

What’s the Cost of Rent for Different Apartment Sizes?

For different apartment sizes, the rent will vary whether you're inside or outside the city. If you’re a single person living inside a city, you’re likely to spend €1,733 for a one bedroom apartment. However these prices change drastically depending on these factors. Here’s a table showing the rents in and outside the city:

Source: Numbeo

What Is the Cost of Living for Food in Ireland?

Cost of food is a major part of any cost of living crisis. Food inflation in Ireland has been falling since last year, from a high of 13.1% in April 2023 to 4.6% in January 2024. Even though it’s been falling, the cost of food still takes a chunk out of your monthly income.

How Much Is a Shopping List in Ireland?

Of course, each Irish household is going to have different items on their shopping list, but the common items will always impact the cost of food for everybody. Here’s a list for the current food shop prices in Ireland at the moment:

Source: Numbeo

How Much Is Eating Out in Ireland?

Eating out in Ireland can cost you around €80 for a meal for two people. This of course depends on where you’re eating and the quality of the restaurant, but it gives you a rough idea of how much you might spend on a weekend if you go out for a meal.

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. Especially when it comes to fuel poverty, help for those who are on a reduced income or are struggling with the higher energy costs are.

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 Help Is There for Energy Costs?

There are also energy costs that have been announced in the Budget 2024. Here are some of the main help packages and programmes available:

1. Electricity Credit
   Each domestic electricity customer has been receiving a new €450 electricity credit payment has been announced for domestic energy customers that will split up into three instalments until April 2024.
2. 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.
3. 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.