The areas in Ireland where it's cheaper to buy than rent revealed - plus the 6 best places to rent

Long-term renting is currently an average of €93,000 more expensive than buying in Ireland, but in some areas renting is cheaper than buying, an analysis shows.

In seven regions, renters will pay at least €100,000 more than homeowners over 30 years when mortgage repayments and down payment costs are taken into account.

However, soaring house prices mean renting is worth it in six areas, with renters in south Dublin expected to save more than €162,000 compared to first-home buyers today with a 10 per cent down payment.

The analysis - using the latest average house prices and rents compiled by real estate website Daft - shows that renting for 30 years at the current national average would cost €607,680. In comparison, the average cost of a 30-year variable mortgage with a 10% down payment is €514,136.

However, this analysis is based on today's prices and does not take into account the underlying inflation or deflation in the market. Of course, homeowners also incur other costs, such as property taxes and maintenance fees.

Renting for 30 years in Dublin city center will cost you €186,451 more than buying, the biggest difference in Ireland, but it is closely followed by West Dublin where renters will pay €180,609 more.

Outside of Dublin, the city of Limerick has the biggest gap between renting and buying – here renters will pay €162,440 more than homeowners at current market prices. Other areas where long-term rental costs are at least €100,000 more expensive than buying include Dublin's North City (€144,399) and North Counties (€112,970), Aterford (€111,416) and Louth (€108,916).

At the other end of the scale, renting is cheaper than buying in these six areas. As well as South Dublin, these areas include Wexford (€25,469), Wicklow (€15,970), Waterfordshire (€9,499), Kilkenny (€5,948) and (€2,928).

Overall, Leitrim was the cheapest place to live, with long-term rent at €326,520, while the average cost of buying a home was €289,315, the only county with less than €300,000.

South Dublin is the most expensive area to live in, with a 30-year average rent of €897,840, while a mortgage and deposit will cost households there €1,060,216, the only area in Ireland to break the €1 million mark.

In terms of regular repayments, the average rent is €346 higher than the average monthly repayment on a 30-year variable mortgage.

The survey also found that buyers could end up paying €70,000 more for their first home than a year ago. Although the national average house price has risen by almost €24,000 in the past 12 months, rising interest rates mean that the cost of repaying a new mortgage over 30 years has risen sharply.

House prices in Dublin South have risen the most, rising by €100,606 over the past 12 months. It was followed by the city of Galway (€95,894) and the city south of Dublin (€94,542). The counties with the smallest increases were Longford (€41,050), Monaghan (€45,276) and Mayo (€48,771).

However, the five regions with the largest proportional increases over the year were all located in the West and Northwest. Prices in Donegal rose by almost a quarter, while Roscommon, Leitrim and Sligo all recorded increases of more than 20 per cent, followed by Galway with a 19.6 per cent rise. Nationally, the average increase was 15.4%.