Сountries With the Largest Gap in Rent and Mortgage Payments
February 22, 2022
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It is cheaper to buy a house than to rent it only in two countries.
The Study. According comparethemarket.com, where you can compare prices for renting and buying real estate, there are only two countries among the 39 analyzed where it is more profitable to make a monthly mortgage payment than to rent a house or apartment - Finland and Italy. The website has used OSCE data and compiled a rating of the most expensive countries in the world to rent or buy housing, and also named the states where the gap in payments is the largest.
The most expensive countries. The three most expensive countries are:
Luxembourg
Switzerland
Iceland
You will need an average of €2,640, and the mortgage payment will result in €4,000 per month to rent a 3-bedroom property in Luxembourg. It is not surprising that many people prefer to work here and live in nearby countries like France, Germany, and Belgium.
In Switzerland, renting a 3-bedroom apartment will cost an average of €2,874 per month, and the mortgage payment is €2,606. In Iceland, similar values are €1,791 and €2,297, respectively. At the same time, Switzerland provides a high standard of living, and Iceland provides an excellent health and education system, relatively low taxes, and a clean environment thanks to an almost complete transition to renewable energy sources.
Rent and purchase. The three countries with the most significant gap between the mortgage payment and monthly rent included:
Luxembourg – 51.1%
Latvia – 42.5%
Slovakia – 42.3%
In Latvia, a monthly rent of a three-bedroom apartment will cost an average of €512, and the mortgage payment will be €730. In Slovakia, the rent of similar housing will "pull" by €678, and the mortgage payment - €880 per month.
Portugal (41.2%), Hungary (40.9%), Russia (40.1%), Czech Republic (40%), New Zealand (34.9%), Germany (33.5%), Canada (32.6%) also entered the top-10.
According to the analysis, only in two countries of the world rent is more expensive than mortgage payments. In Finland, the gap is 2.1%: renting a three-bedroom apartment will cost €1,130, and the monthly mortgage payment will cost €1,110. In Italy, the gap is even smaller: rented housing will cost €885, and the mortgage payment - €877.
Check out prices for renting in Europe right now:
Price on request
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