These are the only two UK cities that people living on their own can actually afford to rent in, according to new research.
The housing crisis has become so critical that it has defined a whole generation.
A recent report found that “generation rent” means that approximately 14 million 20- to 35-year-olds will never own a house. And just last month, we were told that many of us won’t even be able to afford rent after retirement if things keep going the way they are.
Now, a new study by Comparethemarket.com has shown that there are only two cities in the UK that are actually affordable for single renters to live in.
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According to the report, research suggests that we should only be spending 30% or less of our monthly incomes on rent in order to maintain a good standard of living. If you live with a partner, friend or flatmates, this cost obviously becomes more manageable because it is split. But for those of us living on our own, the financial burden is real, with only two UK cities offering affordable rents.
Single renters in Derby can expect to spend 23% of their take-home salary on a one-bed flat. Aberdeen is the only other city just scraping into the 30% club with an average of 28% of a single income being spent on rent.
Unsurprisingly, people renting on their own in a one-bed flat in London will have to spend up to 85% of the average monthly salary there.
Derby is the cheapest city to rent in if you live alone.
When it comes to single people actually buying a property (LOL), Aberdeen is actually the best option based on average income and mortgage rates. However, you would still likely pay 38% of your salary on mortgage repayments, which is 8% more than the minimum recommended amount.
And what about if you live with a partner or friend?
Well, Derby and Aberdeen still come out on top for renting, with Coventry, Plymouth and Bradford also being ranked as affordable.
When it comes to buying a property, Glasgow ranks the highest, with homeowners here spending just 19% of their joint income on their homes. This is closely followed by Aberdeen (19%), which has a high take-home salary, with the average household earning £4,253 a month.