NI renters have least disposable income

Households are spending more than 70% of their income on rent and household essentials in some parts of the country.

The average UK household that rents is spending 63% of their income before they make any discretionary spending.

The research, by estate agent Benham and Reeves, shows that Northern Ireland is the least affordable place to rent in the UK. The average household rent of £703 per month combined with a wider cost of living of £1,103 sees the average rental household spend £1,806 per month to get by. This equates to 77% of household income.

The South West ranks second, where 73% of household income is required to cover the rent and cost of living, with London ranked third at 72%.

Wales is home to the most affordable rental market, with the combined cost of rent and other essential monthly outgoings totalling £1,559 and requiring 58% of a household’s monthly income.

In other parts of the country spending ranges from 59% in the North West to 68% in the East Midlands.

The research shows that the average UK rental household pays £808 per month in rent, accounting for 26% of total monthly household income. The average household then pays a further £1,138 per month for other essential outgoings associated with the home, such as food, clothing, utilities and transport, but excluding non-essential purchases such as alcohol or other miscellaneous goods.



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