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Consumer Finance Experts at CashLady.com have done research into the average cost of living for lone renters across the UK.
Cost of living calculations were based on the average salary in each city against the cost of a 1-bed in the city centre, a Council Tax Band A charge and electricity, water and internet costs.
The rankings were as follows:
|
City |
Percentage of income left to spend after essential living costs (%) |
Ranking |
|
London |
35.3% |
1 |
|
Bristol |
43.8% |
2 |
|
Birmingham |
45.1% |
3 |
|
Manchester |
45.7% |
4 |
|
Sheffield |
48.9% |
5 |
|
Edinburgh |
50.1% |
6 |
|
Liverpool |
50.3% |
7 |
|
Newcastle |
52.60% |
8 |
|
Cardiff |
52.7% |
9 |
|
Nottingham |
55.3% |
10 |
The findings concluded that London is unsurprisingly the worst location in the UK for lone renters’ finances.
Rental and essential housing costs averaged at approximately £2,062.38 a month, leaving Londoners with just over a third of their salary left to spend on the likes of food and entertainment.
|
Expenses |
Average cost for London residents(per month) |
|
Average salary per month |
+£,3186.60 |
|
Rent of one bed accommodation in the city centre |
-£1,763.89 |
|
Electricity and water bills |
-£207.80 |
|
Internet costs |
-£30.99 |
|
Council Tax Band A |
-£59.70 |
|
Total spend |
£2,062.38 |
|
Money remaining |
£1,124.22 |
|
Percentage of income spent on living essentials |
64.7% |
|
Percentage of income left to spend |
35.3% |
CashLady.com has released this data to highlight how much the cost of living crisis is affecting renters and the cities with the most difficult circumstances.
Personal Finance Expert, Dan Whittaker said: “It’s difficult to avoid being affected by the crisis. However, there is support available from Citizens Advice if you’re struggling to pay rent.
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