Do you know how much of your salary is spent on rent?
While the cost of servicing a mortgage has fallen since the financial crisis, the cost of renting in some parts of the country has risen sharply. There are wide regional variations, but official figures show tenants typically spend more than a quarter of their monthly salary before tax on rent.
According to the ONS data, the national average rent price is £926 per month.
The data also shows that in London, tenants spend nearly half (49%) of their salary on rent. However, in northern England, this drops to just under a quarter (23%).
This shocking figure highlights how relocating to the North could be a viable option for first time buyers or those of you wanting your hard earned cash to stretch further.
If you're interested in the thought of relocating, take a look at 3 of the biggest benefits to consider which don't include salary.
Did you know? Manchester was recently voted the most liveable city in the UK.
Although the data does not cover Scotland and Northern Ireland, in areas of Wales, the percentage of salary spent on rent ranged from 18% to 29%, which falls below the average.
However, tenants in the South East of England, East of England and the South West all paid more of their salary on rent than the average across England.
Tired of wasting a large amount of your salary on rent? Take a look at our latest job opportunity in Manchester.