A study by money.co.uk has found that citizens of Ireland spend 37.22% of their monthly outgoings on rent, the 6th highest percentage spent on rent in the world. The research looked at the average cost of rent for a three-bed property in over 50 developed nations around the world and compared it to other costs of living for a family of four.
Hong Kong was revealed to be the highest spending country on rent in comparison to overall monthly outgoings. In fact, Hong Kong is the only country where the average person actually pays more for their rent than all the rest of their living costs combined. The average three-bed property costs an average of €3,220 per month, which is more or less equal to the monthly cost of looking after a family of four, which clocks in at €3,188 on average.
Singapore takes second place where the average rent takes up just over 47% of average expenditure. Followed by Qatar, where the average rent of €1,990 makes up 43.73% of the annual monthly expenditure.
In comparison, the country where rent takes up the smallest percentage of finances is Saudi Arabia, with an average rent that’s equivalent to just €494, while other expenses add up to as much as €2,099. Therefore, rent occupies 19.07% of monthly outgoings.