Do you live alone? How do you afford it?

[littlepieces]

My dream has always been to live in my own home - just renting would be fine. I grew up in a really dysfunctional family, suffer from anxiety and absolutely crave quiet and privacy. (I'm not a hermit, quite social in fact, but need a safe space). Despite working hard and earning an OK salary in a 'professional' career, I'm unable to afford either. I'm mid 30s and can only afford a room in a flat share which is really getting me down. To rent a very basic, not particularly nice studio/1 bed flat in an undesirable area that's nearish to my work and friends would be almost three quarters of my monthly salary.

Would love to hear from people who rent or own alone... seems like many people manage it. How do you afford it? Where do you live and how much does your home cost to run per month in relation to your income?

@user27424799642256

What is a 'Through By Light' Terrace when it's at home?

Normal terrace is a through terrace.

With a 'through by light', there's no back door, but the house goes all the way from the front to the back of the property and there are windows at the front and back of the house.

As opposed to a back to back terrace, which is what we had where, as well as having neighbours on either side, there's also an attached house behind so you only own the front half of the building .

There's also blind backs, where there's no windows at the back, these might be free standing or built up against something like a factory.

I was in social housing when DS was small and the rent was about a third of my salary in a not desirable area of town but we were in the best bit.

I bought with a 100% mortgage in a regeneration zone but was full of lovely quiet people. That was about a third again.

I then bought my awful worst mistake house and that was a fifth of my salary.

I'm renting again in a very desirable area but the apartment is small and it's a third again.

You need to move into a cheaper area if you can.

Single/childfree. I was lucky enough to be left the contents of my grans house and to know a bit about the antiques market back in the 1970s. Made a bit of money and later invested some in bitcoin. Sorry I didnt invest more. I rented at first then bought the BTL I was renting from the LL for a good price as she was wanting to join her daughter abroad. So I got a good deal on a small detached house in an up and coming good "school catchment" area, Im now considering downsizing.

Where are you in the UK? Makes a huge difference.

I managed to buy a flat, but that's not as grand as it sounds. It was unheated. Had an original 1950s bright yellow plyboard kitchen. An apple green and black 1950s bathroom. Even a garden (with weeds up to my armpits). I moved in without a bed (slept on the floor). No fridge for the first month (thankfully winter). And no washing machine for a while (launderette). But it was mine.

I spent three years, scrimping and putting things right. Then sold it and bought a tiny cottage, where the old lady had died and it was still full of her things. Multiple layers of carpet with things living in them. Pre-war storage heaters. That one took me seven years to sort out.
Now I've finally got a house with double glazing and a decent kitchen. A new heating boiler. Insulation. It's even decorated.

It can be done (even if it is bloody hard work). Don't give up.

I moved out of the city. About 45m commute. With increased WFH the commute has got less expensive.

45m other direction is another really cool city and the sea, plus lots of nature nearby. The downside is having to travel to go places.

Also I did shared ownership. I also never ran a car, until now I am looking at getting one as commute cost has gone down.

Rent mortgage and maintenance is 23% of my salary.

I have absolutely no desire to live in London, and don't have any illusions that I can afford to rent or buy something in a trendy area either. Currently in an 'undesirable' area way out in South East London, and have lived in some pretty notorious (cheap) areas in the past without issue. Unfortunately Im stuck in London for work for a couple of years yet, and required to go into the office 2-3 days a week which is the same for most organisations in my industry. Even areas within a 90 minute+ commute are out of my price range, and then there's the cost of the trains on top.

Also think help to buy/shared ownership is a bit of a con, not sure how I'd afford a loan, mortgage AND service fees/ground rents without being skint.

@MistySkiesAfterRain Any hint as to where you live?

I'm a single parent and own my home. I receive child maintenance but my total income including maintenance is £24k so not high.

I just live in a cheap area. My mortgage is £300pm. Council tax £90 (band A single person discount). Water rates £24. Gas/electric £60-£70. I don't own a car.

I live in a not very desirable town in Derbyshire.

When I lived alone I earned £27k. Rent £750 a month for a two bed terrace in a town an hour away from London by train. I worked in London 1-2 days a week. Didn’t really struggle for cash.

I live by my own but no way could I afford to rent
Crazy but it is cheaper for me to pay a mortgage every month than rent! Cheaper mortgage means I can afford my bills and my extras like gym (I not have many extras though have to be careful living on one wage that is not very much)

I have a professional job, post uni I spent 3 years in work accommodation (flat shares) which were cheap and allowed me to save. Then I moved to rented for 2 years (no work accommodation) and brought from there. Once I had my own place, there was no way I was going back to flat shares. But I have a professional job and am well paid and it was bloody hard to do. (Live in a place on the most expensive for 1st time buyers list).

I rent, lovely one bed flat in countryside area, beautiful grounds, nearby market town has shops etc. Living alone I don't eat as much as a family, I have lower bills and so on.
I work part-time and manage on a small income. I couldn't afford to buy a car so I do car leasing instead. It all works out very nicely, I'm perfectly happy....

My DSis did it by having two jobs. Civil service day job plus 1.5 days minimum at Waitrose and often more. She worked hard, made sacrifices. Also didn’t rent in cheap areas eg Wimbledon, Hammersmith etc. It can be done. I don’t know how much her day job salary was but guessing somewhere around 25k but that’s a guess. She craved a place of her own and was fed up sharing in her early 40s. Now she’s married so back to sharing

It is tricky if you live in an expensive location.

DS (26) rents on his own and despite being on a decent wage (just shy of 50k) he's pretty much living hand to mouth. In other parts of the country he'd be able to buy something nice instead of renting a 1 bed flat. But he works in a niche field and all the jobs are in expensive areas.

I went for a tiny place in a decent area, a tiny 2 up 2 down that was a little tired. Did extra hours at work when l could. Cheap gym, cheap food (Aldi, Lidl etc) and budgeted hard.

@NannyAndJohn It's insane that even on 50k a year you can only just about afford to put a roof over your head isn't it.

What are you paying at the moment?

Have you looked at places in Kent around the 1hr commute point? You could find a 1 bed for £750 if you're not too fussed on area.

I live in the West Midlands and bought a house 2 years ago (I’m 30). It’s a 2 bed semi on a nice housing estate with fields and countryside to the back. Mortgage and bills come to about 40% of my income. I’m not a high earner by any means but I don’t struggle for money and have no debt.
I only managed to buy because I lived with my parents for 5 years and saved 30k+ for a deposit. I’d have never managed to save a deposit if I’d been renting.

Op can I ask your salary? I would ah e expect most professionals on a good wage to be able to afford to rent a studio in a bad area outside of London?

When I first lived alone I was on £30k in London and lived in Essex, walking distance from my station, about 1h10 from Liverpool Street. Monthly, rent was £680 (2 bed flat that I had previously shared with my bestie, cheaper to stay than move), train was about £400 and bills were about £350 - take home was about £1850 so it was tight but doable. I had a car but it was a very small cheap to run one 😂

I still live alone but own now following my Dad's death and am self employed - it's still tight some months but I wouldn't swap it for the world. And I have a more reliable car now!

Lots of variables. How much do you earn? A 'professional' salary can mean different things to different people. Also lifestyle makes a difference.

I can only afford it by working a minimum of two jobs. Professional role based in Central London during the day and then I waitress evening and weekends.
Wouldn't change a thing! Now that my children are adults and have left home, I cherish my independence and will do everything in my power to maintain it.

Unfortunately, 'way out in south east London' is still a relatively expensive area.

I don't know London at all well, but looking at Bromley as an example, Rightmove offers me a 2 bed terrace from £400k. Where I live, 2 bed terraces are between 120-150k. Huge difference.

I earn less than you (never earned as much as £50k) and am now coming towards retirement. I bought my first house in my mid 20s, having inherited 10k from my grandpa. Otherwise I would have still bought before I was 30 as I was saving for the deposit from day 1 of earning, and knew that once I could secure that deposit, the mortgage would be much less than the rent I was paying.

Having said that, I rented alone from a year into having my job, but I live in a seaside town and there is (in normal years!) A massive oversupply of holiday studios and flats, so it was no problem to find a landlord grateful for year round income.

Move north ! Your wallet will thank you.