The average renter in England will spend 36.3% of their income on rent by 2024, according to new figures from the Office for National Statistics. This indicates a rise from 33.1% in 2023, surpassing the ONS's affordability threshold. In contrast, Wales and Northern Ireland report lower proportions of income spent on rent, with average rent figures below 30%. London remains the least affordable city with average rents at £1,957, forcing renters to allocate 41.6% of their salary towards housing costs, adding to financial strain.
The average renter in England spends more than a third of their income on a home, according to new figures from the Office for National Statistics. By 2024, this figure is projected to rise to 36.3 per cent of income for median earners, marking a significant increase from 33.1 per cent in 2023, thereby exceeding the affordability threshold set by the ONS. Conversely, rents in Wales and Northern Ireland remain below the 30 per cent threshold of household income, with Wales seeing a slight improvement in affordability.
London is noted as the least affordable city in England, where residents are expected to spend an astonishing 41.6 per cent of their salary on average monthly rents of £1,957. The capital's high rental prices contribute significantly to the overall increase in average rent, pressing a heavy financial burden on many renters living in the city.
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