How much do London workers spend on rent?
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- Опубліковано 8 кві 2024
- How much does it cost to rent an apartment in London? Find out how much of their salary London workers in Canary Wharf are spending on rent.
#london #londonlife #londontiktok #canarywharflondon #workers #renting #rentingproblems #rentinginlondon #rentingapartments #rentingtips #londonrenting #streetinterview #streetinterviews #voxpop
"That's reasonable" from the last bloke. Clearly earns a lot and lives in Central London.
No-one doing a 'regular' job can afford to live in London. Rent prices are hugely unreasonable.
I think he means it seems correct not that its a reasonable figure.
Did you listen? He said he spends the same on his rent.
@@thebenevolentsun6575no, on repaying the loan for the home he bought…
He said he shares with someone so he is probably only paying half the 2400 rent though so it really is only 10% of his net pay, which is pretty great budgeting.
A regular job in London IS a high paying job. You won’t get anywhere working in retail for example
Last fella is a tool. He may be paying more, but he is gaining a house. The renter however is just spunking that money to pay for someone else's mortgage.
Yep
25% or under seems like a reasonable limit for rent or mortgage and bills, anything else is ridiculous
Exactly. These people are economically illiterate or just plain stubborn.
Not really. If someone’s take home pay were £4K/month and they were spending £1500/month on rent and bills, that leaves them more than £500/week to spend on food, phone, a car, and whatever else they want. I wouldn’t exactly say they were in a precarious financial position.
Well less is better isn't it as it grants you more freedom to do what you want with your money lol
@@ty194 are you unaware of how expensive London is? To get rent under 25% of your take home pay, you'd have to be earning like 80-100k easily, that's not a 'typical' salary lol. That even extends to most of the South East of England.
@@Billbo95TKD less is better but for most people that can't get lower rent, otherwise move away to another part of England.
Rent is money you’ll never see again, your mortgage is money you probably will. The last guy is a doughnut.
Rent or a morgage shouldnt cost more than 25% for someone to have a life. 50% or higher is insane.
Yeah its London bro.
This comment makes no sense.
Most people in America spending 50% or more too.. it's horrible
Yeah it’s ridiculous. In Australia, housing stress is defined as the cost of housing exceeding 30% of your income. I share a house with my partner and two housemates and I currently spend about 19.4% of my fortnightly salary on rent. I’m certainly better off than a lot of others but once my partner and I find our own place in a few months time we are certainly gonna meet or exceed that percentage.
When I lived in Thailand, I had a detached house with a pool and my rent and utility bills came to just under 10% of my salary. In the UK utility bills alone take up about 10%. We get shafted on every front here and it's a terrible place to live.
you are comparing a near third world country with one thats the center of world finance
@@MrSpiderman1321 haha, what I find funny is that British people think the UK is some kind of 1st world utopia and no other country comes close. Let me tell you, the UK is more third world than Thailand in 2024. This wasn't the case 20 years ago but times change. The Tories have royally f**ked the UK and for some reason the people love them for it.
@@MrSpiderman1321 Thailand is just as developed as the UK, more so in many regards. I guess you haven't lived there for 15 years like myself. The UK government push the narrative that we are so developed here and everywhere else is in the stone age because they want people to accept and be happy with how shit the UK is
@@bkkp5468 when there is exposed power lines everywhere, dirt roads, sex tourism and extremely corrupt police. The list goes on. Thailand is close to a 3rd world country, if it wasn't for the income from tourism it would be.
@@MrSpiderman1321 haha those are not power lines, they are telecommunications cables. I lived there for 15 years. Obviously you haven't even been there if you don't know that blatantly obvious fact.
Nice comment from the oblivious yogurt with a mortgage, well done matey
😂😂😂
Why are you hating?
@@jackward770Because he thinks he is better than them
@@jackward770because claiming spending almost as much on rent, for someone else’s asset, as he does on a mortgage (repaying a loan for his own asset) is clearly not ‘reasonable’ and is a symptom of chronic undersupply in the housing market that is destroying living standards.
@@christianbarrow2568 He said he spends "quite a lot more" on his mortgage.
Mines nearer 60%. It’s horrendous as you can’t save, you can’t afford an emergency pot of funds. Basically for a lot of people it’s working to live which isn’t living, it’s an existence.
A wonderful economic system run for the benefit of the 1%
It's not the economic system. It's a lack of regulation allowing oil princes and Russian criminals to wash their money by buying all of London and renting it.
Indeed and somehow the brits are so thick they blame immmigrants
What happens when you elect politicians who are landlords i guess 😂
💯
I find it weird the guy that says his mortgage is 50% if his salary…. Either he knows the person that accepted his mortgage, or he changed job for something that pays way less (which is uncommon). They don’t accept your mortgage to be more than 25-30% of your salary…
He may be making additional payments to speed up the paying down of the mortgage. Which is the smart thing to do. As that comes off the principle instead of the front loaded interest.
The last guy is not in touch with reality. He's the 1% from the finance sector.
I work in finance in London. It's a terrible job and I will be returning to the EU after 1 year. It isn't worth it.
This as been a talking point for the last 2 decades the Govt does nothing to rectify this situation as.most been in the UK hav there biggest investment in property so they cannot allow this to crash as the banks will be underwater as well u need to thank Ms Thatcher for this situation as she was the one who kicked off private ownership and created debt for the banking Fraternity
This is in Canary Wharf, where all the rich finance bros work, just so you all know.
I moved to London to work in finance and will be moving back to the EU. Canary Wharf isn't worth it.
The last guy who thinks spending 50% of your salary on rent is reasonable is deluded. In 1979 when BoE interest rates were 17% the percentage of monthly income spent on rent was about 42%. It's worse today.
I pay just under a third and already cry every time that money leaves my account. 😮
i am looking for a lodger. £500 per month if you are interested. is that too much or to less ?
The guy that said 20% is probs a little rich tho
Looks like a billy bullshitter.
He said 2400. If that's take-home, he earns about 50k.
No. He says his rent is £2400. He splits that with his partner or friend. So it’s £1200 personally. He is saying that’s 20% of his salary. Let’s just say after tax. So he will be on around £90-£100k a year. Which is a good salary.
He was counting that he was sharing a place with his partner.
He said he shares, so he doesn't live alone. Could be flitting with 1 or more people who split it.
partner and I rent a one bedroom apartment and roughly one paycheck (sometimes more, sometimes less, depends how many hours we got) goes out the window each month just to cover rent, council tax and bills. then put some money into savings, if possible. and then you still have to buy food. barely anything left after that. and that's the two of us. if you're single, forget about your own apartment.
I personaly dont think you should pay rent for more than 50% of your salary.
Typically want to sim to keep expenses in a 30% of earnings range. London is really unforgiving in rent prices
@@arronwilkins London is ridicolously expensive I live here aswell. A good one bedroom flat rent is £1500 pm. So if I'm saying your rent should be not more than 50% so that would mean your salary should be £3000 pm to be able to afford a one bedroom flat. £3000 pm means an annual salary of £50k. I'm not sure how someone who is working in non skilled worker area can make £50k in London and then to be able to pay rent. Thats why people start sharing flats or still living with their parents.
I'm paying around £1700 a little more than 50% of my salary I feel robbed and thinking if I could move to up north were rents is slightly less but affordable.
@@salahz1800 The move is outside of London’s centre until you find something within 30%. It is hard and not always ideal but you do this to avoid losing the best savings years of your life. Also North is good, however the opportunities and pay are not comparable to London.
@@arronwilkinsI’m outside London but with TFL. I’m a teacher. £1500 is an ‘okay’ 1 bed in a crap area.
@@alexgill2455 my definition of good is not that high in London.
well, TIL house poverty is a thing in the Eurozone too. People are never getting off the hamster wheel paying 50% of their net income on housing.
I was thinking of moving out of my parents house until I calculated how much it would cost.
After 45% salary on rent, then council tax, utilities, essential food, some money put away for weekends, I’m left with £200/m to either save or indulge myself with.
Or… stay at home and pay for a local travel pass, and I’m left with over £800/m.
I’d have to earn at least £2500/m for it to be even worth to live in my own (not so big) place.
(I’m outside of London)
That last fella was a young Tory in the making, the exact same ridiculous, unthoughtful response you’d get from Rees-Mogg, Sunak or one of the other freaks.
Don't hate us for making more money.
@@Alex-df4lt I don’t hate you. I just think you are an out of touch flannel
Why don’t you ask the poor
They did ask the builders
you are not getting back the rent tho. mortgage is not the same as rent
why interview only rich the parts of london, go on the outskirts.
saying that 50% of you salary is spent on rent, doenst mean anything if you earn 40k+ a year, you are still well off.
this is the reason I left London
that is the correct solution well done for having a functional brain
Everywhere else is just boring with very little to do that’s actually interesting though.
that guys say 20% and says 2400 meaning he earns 12,000 a month in London ? wtf
He splits his rent with someone. Hence he pays 1200 which is ~20% i.e. his monthly net income is approx 6k
I spend quite a lot more on paying off the mortgage on my house that I OWN, likely given the down payment by his mummy and daddy 🤦♂️
celery, spind on rint
I pay 60%
It’s not as simple as a percentage. It depends entirely on what you actually earn.
Truth, half of a lot is a lot
Kiwi accent detected.. The reporter is defo Newzelander
What picintige of your siliry would you say you pay on rint
@@sb_dunk😂as a kiwi Oi heff to say the phonetic ‘spullung’ us kwoite ecc-Kew-ritt
😂
The guy who spends 2400 on rent, how much did that invisible microphone cost?
No that is his net monthly income
@@davidc4408it definitely isn’t, he would not be able to afford to live in london if he was earning that
@@pickleboii4209 would be hard but not impossible. Yeah probably on over 120k a year which is reasonable for banking
@@davidc4408 still prolly more likely to be rent, I appreciate ur point tho
In the other video he said he needed 250,000 a year salary to buy a house he wants, which is 12,000 monthly net. He spends 2400 (20%) of that on rent.
Fuck I'm closer to 60%
general rule of thumb is 30% or less. you can go up to 50% though if you want to have no life and work forever
Rent in london is hyper inflated. Not only that but the state of 90% of rented accommodations is very very bad.
That guy saying he spends 50% of his salary on mortgage is not an argument in this context. With a mortgage you own your home. With rent you pay for someone else’s or you give others money. Most people who pay more on rent than they would on mortgage cannot ‘afford’ a mortgage according to their bank. Price houses are also very inflated in london. Its because not enough vacant houses accommodations, rich people buying houses as investments and leaving them vacant, not enough legislation to protect people instead legislation look to protect investor interests. Shelter is not a luxury its a basic right
Under half of the salary goes into renting just one box room.
Average rent in saudi arabia is around 700$-1,300$, depending on city. i live in 3444 square feet apartment that i bought, and pay $1,300 monthly for the bank loans.
In Usa long island ny i bought house we call ranche i spending 2600$ plus utilities total aprox 3k is 15 years mortgage soon is finished.Loved ❤
You get equity for every payment but remember the bank is your landlord spending over 30% of your monthly spend if your unable to save is just as dangerous you can end just as homeless
Prince William renting!
1/8th of our household income, living one km off the beach on a golf course block in W.A..... with an almost 0% interest mortgage, western Australia baby!!!!
you spind … 😂
This is a weird one because depending on persons personal tax circumstances this drastic change answer even two people earn the same amount and pay the same amount of rent.
Rent or mortgage has always been just under half of salary. At all times. This is not new. The hard thing is the other areas of living have gone up. Bills, food, furniture etc.
No, it's not. Rent *plus* bills cost 50% of a person's salary as a single person, not rent alone. Now rent is at 50%, and bills have shot up so rent and bills take up 75% or more of a single person's income working full time. Then food costs so much more now, so even the bare basics cost so much more than they used to. And that's on the assumption that you have your own place to rent and aren't in a shared house. I'm outside of London and a shared house to rent is 50% of income, if you want your own space it costs more than that. It's insane that a full time job is no longer enough to support a single person. Before this cost of living crisis all rent and bills fit neatly into 50% of a fairly basic salary, which is so much more manageable than now
@@eleanormason2647 if you’re spending 75% of your salary on rent alone there is something seriously wrong.
@@danh5637 wow you are so close to getting it. I'm outside of London and unless you live in social housing, it costs on average between £550 and £600 for a house share. For a studio or a one bedroom home, this goes up to £750 *on average*. Do you think renters choose this price? No, landlords set the rents which have been affected by interest rates. Unless you have a huge income, this is 50% of an average person's salary. Personally I am fortunate enough to not pay this amount as I had another option, but I recognise that this is not for everyone, and not everyone has that option. In what world do you live in that this is the individual's fault for the price of living costs? It's like saying to someone who walks into a food shop saying "you're crazy if you spend that much on butter" when there is no cheaper option for that item 🙄
@@eleanormason2647 that would assume you’re only earning £1200 a month if that was 50% of your salary. And £800 if at 75% which is even under minimum wage? I’m not sure how that’s even possible? £600 a month is still cheap.
@@danh5637 I love how obtuse you are to miss every single point. A house share, which is supposed to be a cheap way of living, cost about £350 not all that long ago. £600 for a room in a house is *not* cheap by any stretch of the imagination. Did you notice that I said £750 is the lowest you're getting for a flat? I'm referencing an income of about £1,500 which unless you get the living wage, is fairly normal. I can't believe £600 seems reasonable for a room in a house where you have very little privacy or independent space
Sucks. Wanna know what percentage of my net salary my mortgage is? Just under half. There is no escape.
Yes, but that’s your own asset that effectively acts as a savings pot.
@@christianbarrow2568 Sure, but its also a ball and chain for the rest of my working life. And potentially beyond it. Its the better of two evils but its still a crap way to spend your life imho.
@@cgavin1 not at all. You can rent it out and likely pay off the mortgage from the rental value alone; or you can sell it and recover the equity you’ve put into it. It’s the most generous savings pot going.
@@christianbarrow2568where’s he living then while renting it out? Yes it’s sound financially but still doesn’t detract from the fact 50% of your income is tied up and you also get shafted by interest rates
@@C63Bez houses have appreciated way above the rate of interest in mortgage repayments for the last two decades. It’s effectively putting 50% of your income into a savings account with extremely generous returns.
25% for me but i own not rent 💀
Thought the 3rd person was brushing his teeth😂
got a studio flat in highgate renting for 1k if anyone wants it, 10 yards from the station steps
Just remember, Immigration is not driving housing demand 😊
I wonder why cities with hardly any emigration have skyrocketing prices too. I moved out of London expecting a heaven, but even in villages with while British pensioners houses are really expensive. What drives the prices up in places with no scary brown people?
@@ekaterinastaneva9922Calm down there buddy you might make him have to consider nuance rather than continuing to regurgitate what he's already accepted as fact 😢
@@ekaterinastaneva9922because people like yourself are also leaving the cities and moving to towns and cities. Ergo the prices are being shilled up in exactly the same way due to more and more demand.
How do they invest anything if hald of it is on rent
Rent control needed immediately
*inflation control/cut government spending on rubbish needed immediately
@@australiancreepycrawlies6417 austerity doesn't work
Unlikely when most MPs are landlords in one way or another. And let's not talk about the house of lords.
Mass Im migration or cheaper rents and house prices, pick one, because both is impossible.
@@bushwhackeddos.2703 We take in less immigrants than France and Germany and they're cheaper to rent in but go off pal
But if you come to the uk illegally on a dinghy you don't have this problem a free hotel ,free food,given money, a free bike, and even a pension if you're over 65 yrs old,and you don't even have to work,wonderful isn't it.
Ukrainians get this too and our politicians let them turn up at the airport. The people on the boats you're talking about have a cap of time before they get shipped back off and now get shipped off to Rwanda. A place they're not even from. You're living in the twilight zone.
You watch too much talk TV, most of what you wrote is BS
@@javi3701 prove it
0:22 they told him they would add a cgi mic in post
Mine is a quarter and I can barely survive
celery
Man surely wouldn’t have been given a mortgage if it is more than half his monthly salary…
This is really crazy. It would be much more reasonable to be able to spend this amount of money on healthy food.
I didnt understand what was happening
%80
Rent 2400! What % is that in your rent 20% 😢 what is your salary then 12k per month take home salary ?
UK people really need to know some basic Math !
What’s wrong with him having a take home salary of 12k/month?
He said he shares so he would bee on around 5-6k a month which isn’t super crazy for London
@@JR-xf3cutruth my office is full of senior managers on similar wages and he looks like the type
Emigrate it's over England is finished
why are you being so negative?
@@mrexpress8002 Because the UK housing problem is intractable at this point in time. If you don't build enough homes for 20 years, this is the result we see now. Canada and Australia are the same, housing will not recover for another decade or two at least. Its called being realistic. Living standards have declined.
@@nate9198they built too many homes. but there are also too many people buying the same homes
It's not just a problem of "not enough houses". There's a cacophony of issues here in the UK that means that life is going to get much worse for the majority of people. We actually have increasing skilled emigration, meaning our brightest and best are leaving in their droves. Lack of affordable housing, meaning people aren't choosing to have families that would contribute to our state pensions and tax system. High levels of immigration with fewer and fewer decent homes for everyone. Less money and more debt for government (meaning less expenditure on vital services). And manufacturing (which was our base and was instrumental in skilling people up and paying half decent salaries) has been on the downward spiral for decades, as banks choose to spunk more money in the housing bubble and less towards valuable manufacturing and employment sectors (outof every £1 the average bank lends out, less than 2p goes towards manufacturing loans).
The glory days are over. RIP UK.
@@nate9198 British people brought it upon themselves by voting for Brexit
I’m at 35%, not ideal at all
Doesn't sound bad to me. I can't even afford to rent on part time and if I was full time then it would still be something over 60%
that's reasonable
@@Stallzyx find yourself a salaried position where you can progress. When I first started renting my place 3 years ago it was ~55% of my salary, now 35%.
Well it's not that bad, in Italy it's like 70%
In worst case
half a week, fuck livin in the UK
That guy with the imaginary microphone
£2400 is 20% of the 3rd guys salary… balling.
He splits it
Landlords are leaches on all of us
Move then !!
Hey, i know the first dude in the clip 😊😂
Actually pretty much average Western World Wide ! About Half.
Criminal charges
That’s not London, those people are British…
day light robbery
Existing not living
If it is unreasonable, move.
So 3rd guy earns 12k a month
No around 4-6k, he said he shares
£2400 is probably total rent, he spends £1200.
£1200 = 20%, salary = £6000.
@@shakibishfaq8627 would he not of said 1200 then
atm i have 1k a month and spend 600 on rent
Why do you live in London on that salary? It’s not a lot even in India, let alone London
@@vonder7 i dont live in england you frickhead 😂
how do you only make 1k a month. that's less than minimum wagie. clearly you aren't putting enough hours in. even tesco pay more than that
@@LawrenceTimme im on some kind of disability payment for the time cause i cant work with my ptsd
@@LawrenceTimme yeah that’s what I said. 1k per month is way less than the minimum salary in the uk. I wonder why anyone earning that much would even consider living in the uk let alone London.
We live in the matrix.
So that dude in white makes 12.5 thousand pounds a month? Not bad bro
That's what I was thinking. Yet he. Shares the rent with someone? Either hes lying or he doesn't know math. At this salary the dude should own a house and be paying mortgage
You can tell the 2 city guys, rent is no problem
Until they get laid off.
Wow what a 🔔🔚 that last kid is
Explain
Yes, because making a good financial decision paying down a mortgage instead of renting makes you a 🔔 end doesn't it? You're just envious, you'd do the same if you could
When people say “I spent 50% on rent and it’s unreasonable” take some accountability. You have chosen to live there and spend that.
Calling something unreasonable doesn’t mean someone isn’t taking accountability. Rent prices are unreasonable everywhere in the UK because the planning system makes it far too difficult to build.
Oh my bad I didn’t know they were forced to enter into a contract that they have to pay 50% of their salary. I see how that could be unreasonable…
@@alexandervaratharajah5669 people aren’t forced to buy overpriced energy either, but most people do, because whilst it’s unreasonably expensive, individuals don’t have the ability to solve the problems of incompetent governance. Not sure what’s difficult to understand about a structural economic problem.
@@alexandervaratharajah5669 if your income is at a place where the cheapest houses are 50% of your income, it's unavoidable. And if your job is in a certain place, moving to a place with cheaper houses only helps if you either find a job there (which isn't always possible), or if the extra costs of the commute don't negate the lower rent. Also, if you pay 50 percent of your income saving is hard or even impossible, which means moving is more difficult (can't save for the costs of moving, downpayments and stuff). Also, people may have children and family in the city that can babysit those, which they may not have somewhere else. Cheap housing is scarce (in many places - I'm dutch and we have big housing issues here too) so paying a too high percentage of your income on rent often isn't a choice.
@@christianbarrow2568 you are conflating two completely different issues. The reason rents are so high is because people want to live in London. Basic supply and demand. If all the people that complain about it costing too much left to find better living conditions what do you think would happen to rental prices? People either need to go where they can get better value (a choice) or they can up skill themselves and get a better salary (a choice). Or stay and stop complaining about it (a choice). Accountability is the issue not rental prices. I’m not going to go into your random Segway to energy issues because that’s a whole overly regulated problem. Good luck out there 🍀
I'd like with him
But when I was his age I was spending 70% of my salary on rent. This was not London.
That’s the problem in the UK. It’s not that rent or cost of living is high, its salaries are low. I’m a Brit living in the U.S and my salary here is 66% higher than the same job in England. In fact when I go back to England, I find everything quite inexpensive. I can’t believe how low the salaries are in comparison. I used to work in Australia too and the salaries there for comparable jobs are so much higher but the cost of living isn’t in line with the salaries. I’d say it’s about 20% higher than the UK.
I know exactly where you're coming from and it's not a new problem either. Went to Ireland in 1997 from the grim North West of England and found myself earning up to five times the salary I made back in the UK. When I came home for my first Christmas with family, I had a bag rammed full of Irish banknotes as the cost of living there was so bloody low! I found the cost of things here relatively low, but the wages were utter shite!
Move out off London
if you spend 50% of your income as rent then either you are renting a luxury mansion or you should get a proper job. when i was his age i spent less than 0.4% on rent
These people earn several amounts above the uk average salary. What a scam this video is.
Thats because the rent is so expensive 😭
They'll never own land much less a house in their entire liftime but at least they have "free" healthcare!!!
who are you referring to when you say they? Judging by the healthcare comment I'm assuming you mean British and your likely american?
Having to pay for healthcare wouldn't magically make houses more affordable. The reason why houses are cheaper in the US than the UK is you have so much land not because you save money by not providing healthcare to people who can't afford health insurance.
@@gareth2736nothing to do with how much land there is, it’s because the UK has a uniquely sclerotic planning system which empowers people to prevent development at every turn.
@@christianbarrow2568 both can be true. If we had as much land as the US I am sure our planning laws would be far more relaxed.
Now ask Landlords what is their cost of mortgages, maintenance, agents fees, insurance, compliance with health and safety legislation etcetera and taxes they have to pay . The only landlords who make big profits are the landed gentry who have no mortgages.
40% of your salary is about right for rent or mortgage.
Says who?
That's all subjective and just like you think 40% is okay the common belief was 30% or less years ago.
You'll just keep sliding that scale to the right the more you try to rationalize things.
@@YohanStarlord obviously me, given you’ve replied I’m surprised you haven’t noticed.
Jokes aside, it’s just my personal opinion on where the upper level should be.
My mortgage personally (before remortgage) was around 25% of salary.
Now it’s 40% and just about comfortable.
@@user-ky7pz2fu7eyou’re nuts if you’ve seen your mortgage take up 15% more of your earnings and have absolutely no issues with this
It's not what is recommended as it makes you quite financially vulnerable. Not enough left to save money, if something happens like losing your job you're pretty fucked, etc. (The budget advise organisation in my country recommends a rent of max 30% of your income; in practice many people pay more, and that percentage is on the rise, which according to said organisation is quite worrisome)
But the wages are through the roof, I live in Stoke and houses are cheap and rent is low as but so are the wages.
Wages are very low as well.
Why was that guy in white pretending to hold his own microphone?
Also, to the mortgage guy: When you sell, you get that money back. When we move out, we get our deposit back. In some cases, that doesn't even happen. Renting is dead money and should not be as expensive as it is.
Half wages for rent is slavery