Rent or a mortgage is often the biggest pressure on our finances – it can be frustrating to see so much of your income go on living expenses, meaning there’s little left at the end of the month to enjoy. And new research shows if you’re single, it’s even worse.
Compare The Market analysed rent and mortgage costs around the UK to find the most affordable places to live. You should be spending 30% or less of your monthly income on rent, it advises, to maintain a good standard of living.
The company found there are only two places you can rent for less than 30% of your income if you’re single – Derby and Aberdeen – and no places where you could buy.
If you rented in those places, you could expect to pay 23.2% and 27.5% of your salary respectively.
If you’re living in a house with two salaries, however, there are lots of places the average couple could buy or rent for less than 30% of their take-home salary.
Derby, Aberdeen, Coventry, Plymouth, Bradford and Newcastle-upon-Tyne are the cheapest, followed by Kingston-upon-Hull, Leicester, Southampton and Glasgow.
What’s the cost of renting or buying as a couple at the top 10 cheapest areas?
Derby
Average percentage of salary on rent: 11.6%
Average percentage of salary on a mortgage: 17%
Aberdeen
Average percentage of salary on rent: 13.7%
Average percentage of salary on a mortgage: 16.5%
Coventry
Average percentage of salary on rent: 15.1%
Average percentage of salary on a mortgage: 20%
Plymouth
Average percentage of salary on rent: 15.3%
Average percentage of salary on a mortgage: 23%
Bradford
Average percentage of salary on rent: 15.8%
Average percentage of salary on a mortgage: 22.1%
Newcastle-upon-Tyne
Average percentage of salary on rent: 17%
Average percentage of salary on a mortgage: 19%
Kingston-upon-Hull
Average percentage of salary on rent: 17%
Average percentage of salary on a mortgage: 17.7%
Leicester
Average percentage of salary on rent: 17.2%
Average percentage of salary on a mortgage: 23.3%
Southampton
Average percentage of salary on rent: 17.4%
Average percentage of salary on a mortgage: 22.4%
Glasgow
Average percentage of salary on rent: 17.8%
Average percentage of salary on a mortgage: 16.3%