Oct 28 2016

Can your job pay the rent? #easy #rent #a #car

(Last Updated On: 01/10/2019)

#flat rent uk

Can your job pay the rent?

According to the Mayor’s standard definition, your rent is affordable if it doesn’t take up more than 35% of your take-home pay. For example, the average household in London earns an estimated 2,608 per month after tax, so an affordable rent for them would be anything up to 913pcm.

Most people, of course, just stretch to pay London’s high rents. This means we can’t save up for a deposit, spend money with local businesses, or even afford a basic quality of life. Amazingly, a young person working full time on the minimum wage doesn’t earn enough for an affordable room in the average shared flat in any borough of London.

What can you afford?

You can use this map to pick the type of home you want and your income, and then find boroughs in London where average rents are affordable (less than 35% of take-home pay), slightly unaffordable (35-50% of take-home pay), extremely unaffordable (more than 50% of take-home pay) or completely impossible (rents cost more than you earn).

Written by CREDIT