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Sky-high rents eat up half of young people’s income
YOUNG people have half of their pay packet swallowed up by rent, with twenty-something Londoners paying even more for housing, a new report reveals today.
According to research by estate agent Countrywide, single working people aged 22 to 29 renting one-bedroom homes spend around 48 per cent of their post-tax salary on rent.
In London, nearly 60 per cent of their income goes on housing — a 16-point increase on 2007. Countrywide research director Johnny Morris said: “In London, rents have risen much faster than wages, stretching affordability.
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