Housing campaigners and finance experts are in consensus: you shouldn't be spending more than a third of your income on rent or mortgage. This figure is optimal for both your quality of life and any subsequent mortgage applications.
This is a sobering figure, though, especially for those of us who live in cities such as London or Oxford – and spend as much as two-thirds of our incomes on rent.
For many renters who live in London and the South East, spending a huge proportion of their incomes on rent isn't a choice; however, if you are self-employed, or are able to work remotely, you might consider relocating to UK towns where rent remains at no more than 30 per cent of an average income.
And most affordable UK city to rent in is..? Derby, where the average rent is just £494 a month, which is just 12 per cent of an average two-person household income of £4,250. Aberdeen, Coventry, and Plymouth also have great rent-to-income ratios of no more than 15 per cent.
And if you're ready to buy and want to keep mortgage repayments low? You may want to consider moving to Glasgow, where the average mortgage is £669 per month. Liverpool is another great city for buying a home, where an average mortgage will set you back £689, or just over 19 per cent of an average two-person income of £3,595.
To view the full list of the '30 per cent housing club', visit CompareTheMarket. Hint: they're not ALL up North.
Have these attractive prices got you considering whether a mortgage might be better than renting? Read our guide to mortgage for first-time buyers.
Join our newsletter
Get the best home decor ideas, DIY advice and project inspiration straight to your inbox!
Anna is a professional writer with many years of experience. She has a passion for contemporary home decor and gardening. She covers a range of topics, from practical advice to interior and garden design.
-
The 5 things about renting your first apartment you need to know — trust us, we have 33 years of renting experience
I asked the Real Homes team for their top tips on renting your first apartment and they didn't disappoint
By Luisa Rossi Published
-
11 questions to ask when renting an apartment
Before you sign that dotted line
By Jamie Ballard Last updated
-
Why I choose to be a forever renter. Magnolia walls and all.
Renting vs buying: Why I'm happy not being a homeowner.
By Anna K. Cottrell Published
-
How to rent a house or apartment successfully: first rental or not
Whether it's your first time as a tenant or not, knowing the ins and outs of how to rent a house or apartment is a must for a smooth ride.
By Andrea Dean Published
-
The five cities where rents are going down in the US
A new report reveals the cities where rents are actually going down in price
By Millie Hurst Published
-
Housing market forecast: home buyers are rushing to beat rising mortgage rates
The latest housing market forecast reveals a new factor in a hot market – steadily rising mortgage rates
By Anna Cottrell Published
-
Before & after: A broken-plan layout completes this Edwardian terrace
These happy bunnies have the best of both worlds. Divide and conquer
By Ellen Finch Published
-
This dark and dramatic house just oozes original charm
The color choices for this gorgeous Victorian home may seem bold, but just take a tour and you'll be reaching for the deep teal paint too...
By Ifeoluwa Adedeji Published