4 In 10 Young People Are Now Paying Unaffordable Rent
msn.comincome on rent than any other age group, according to new data. An extensive new study from Dataloft, an agency that analyses the housing market, found that four in ten young people are now spending more than 30% of their pay on rent.
According to the BBC, with whom Dataloft shared their data based on responses from 150,000 young people, experts warn that this level of spending on rent is unaffordable.
The Office for National Statistics (ONS) said in October that the average person or household in the UK could expect to spend 23% of their pay on rent.
It also re-iterated that spending anything over 30% is not considered “affordable”. Nick Gallent, a professor of housing and planning at University College London, described the current situation for young renters as “horrendous”, particularly as the cost of living crisis escalates.
Read more on msn.com