Private renters are paying more on accommodation with new data showing that 36.3% of the median household income is spent on an average-priced rented home.
According to the Office for National Statistics (ONS), this is based on data for English PRS homes in 2024 where affordability has remained above the 30% threshold since 2016.
The ONS calculated this from the average PRS household income being £3,396 while monthly rent was £1,232.
However, much of England’s data was skewed by London which had a PRS affordability ratio of 41.6% in 2024.
In contrast, PRS renters spend an average of 25.9% and 25.3% on accommodation in Wales and Northern Ireland, respectively.
Two thirds of local authorities in England and Wales had average rents below the affordability threshold, with the most expensive found in London.
“Private rental households’ incomes have increased faster than rents in all three countries since 2016; but since 2021, as rents started increasing more rapidly, different patterns emerged with incomes increasing faster than rents in England but increasing slower than rents in Wales and Northern Ireland,” commented the ONS.
In wider England, the most affordable region for renters in 2024 was the North East.
There, average rent prices were £641 which accounted for 19.8% of household income.
The East Midlands, Yorkshire and the Humber closely followed this.
