Rent - How Much Of Your Income Do You Pay?

Saturday 01 April, 2023 Written by Simon Collyer

RENT AS A PERCENTAGE OF AVERAGE INCOMES

A useful survey below.

Rank	Region	Median weekly income (£)	Median weekly rent (£)	% of income that goes to rent
1	North East	490.60	115.38	23.5%
2	Wales	446.20	121.15	27.2%
3	Yorkshire and the Humber	499.40	138.46	27.7%
4	North West	504.50	140.77	27.9%
5	East Midlands	505.10	150.00	29.7%
6	West Midlands	516.20	155.77	30.2%
7	Scotland	528.60	169.85	32.1%
8	South West	507.40	183.46	36.2%
9	East	549.10	201.92	36.8%
10	South East	568.80	229.62	40.4%
11	London	645.80	346.15	53.6%

Please find the full data breakdown of all regions and local authorities analysed within this data sheet, alongside a graphic here.

Alan Boswell Landlord Building Insurance experts can reveal that residents from the North East are spending the least of their wages on rent, amounting to only 23.5%. This is 8.6% less than its neighbouring Scottish residents (32.1%) and 4% less than the North West at 27.9%.

Wales places second best, with 27.2% of resident’s income being spent on rent. Whilst its bordering region, the West Midlands, are spending more (30.2%).

Renters in Yorkshire and the Humber region are spending the third least on rent (27.7%), enabling their income to go much further in comparison to their neighbours in East Midlands (29.7%).

Whilst the renting crisis is UK-wide, London residents are spending the largest proportion of their weekly income on rent at a startling 53.6% – exceeding more than half of their wage on average.

% of income spent on rent by country:

Rank	Country	Median weekly income (£)	Median weekly rent (£)	% of income that goes to rent
1	Wales	446.20	121.15	27.2%
2	Scotland	528.60	169.85	32.1%
3	England	536.60	183.00	34.1%

Welsh residents are spending 27.2% of their income on rent – the lowest proportion overall, whilst renters in England are spending the most on average (34.1%).

Heath Alexander-Bew, director of personal lines at Alan Boswell Landlord Building Insurance experts, provided a few tips to help ease the rising cost of living:

Apply a money-saving method that fits your situation - Through shows like ‘The Martin Lewis Money Show’, viewers can learn useful money-saving methods like topping up and maxing out on energy meters before March 31st, ahead of the April price hike (if you are responsible for these, to help reduce the cost of your energy bill until you need to top up again). If you are struggling to pay, you can also speak to your energy firm who may offer hardship funds for existing customers.
Check if you qualify for a tax-credit claim - For those with lower income, you may be eligible to apply for a working tax-credit (Universal Credit), which enables you to receive extra cash to help with daily expenses. The government’s cost of living support page provides more advice on your specific needs, including the tax-credit claims and housing cost support.
Other cost of living services are readily available for the public such as food banks to help individuals and families alike struggling with the current cost of living.

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