Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Rent in expensive city

2 replies

bluesunyellowsun · 21/02/2025 14:23

If you rent in an expensive city (I'm south-east), how much of your income goes on rent?

Our landlord is selling so we have to move. Just a bit sick of everyone advising us that we don't spend more than 30% of our income on rent (the "golden rule"!). I can't remember a time it was ever this low, but definitely not for the last 10 years.

Fully expect the usual comments here that I get irl: "move to a cheaper area/you can't afford to live here/get a better paying job/keep looking for somewhere cheaper" - all the usual meaningless advice 😅

We have for at least the last 10 years spent 44% of our income on rent, as do many of our friends, and will continue to do so. We get by ok and are very settled here, so don't see it necessary to leave.

AIBU to think the 30% rule is a bit meaningless and out of touch in expensive cities?

NB. I'm not looking for advice btw (especially not from those who have lucked out on their housing!). Just interested to know what percentage others are paying...

OP posts:
Catza · 21/02/2025 14:44

It is meaningless. You have two factors - rent and salary. So, by that logic, you should be able the find a place which is cheap enough to form 30% of the lowest salary there is. But you can't. A typical single room in a flat share is about £800 where I am (a large city in South West) which, I am certain is more than 30% of minimum income after tax.
Our three bed house is £1700 which is less than 30% of our combined salary but even if I was looking at a one bed just for me, it would be in the region of £1200 which, without getting a calculator out, feels around 45% of my net income.

Hibernatingtilspring · 21/02/2025 15:17

It's not just out of touch in expensive cities, because expensive cities at least usually mean the chance of good jobs/ a higher wage.
I'm in a cheap-ish northern town with limited connections to a city, most of the local jobs are minimum wage. A couple both on full time minimum wage would be paying more than 30% for the cheapest rental properties available (small two bed houses, there aren't really any flats here). That would be for the most basic - double room and box room shared courtyard garden and no parking.

I don't think the 30% idea has kept up with the cost of private rental prices at all. It's in the same boomer logic as getting a mortgage for three times your salary!

New posts on this thread. Refresh page
Swipe left for the next trending thread