ONS data shows Northern Ireland rent eats a quarter of residents’ income
The Office of National Statistics (ONS) found that the average private-renting household spent a quarter of its gross income on paying to live in their properties.
Although the news at the minute is filled with optimism that the Bank of England may refrain from hiking up interest rates, which is good news for people with a mortgage, people who are currently renting are still experiencing serious financial pressures.
This week the ONS revealed that people private renting in Northern Ireland are spending a quarter of their income on their rent. In addition, people in low-income households are having to give up a third of their pay cheques.
The research from the ONS suggests the average monthly income for private renters in Northern Ireland is £2,635 and rent costs £650.
To conduct their research, the ONS sourced data from the Housing Executive and the official Family Resources Survey and they claimed that typical private rents in Northern Ireland are slightly less affordable than in poorer regions of England and Wales, such as the north east.
Against this backdrop, the data shows London was by far the least affordable region to rent a property in as the research shows that the typical household spends 35% of their gross income on rent.
In addition, places in Yorkshire and Humber were found to be the most affordable, with the typical households spending less than 23% of their income on rent. However, Scotland was not included in the figures.
As well as considering income rate vs the prices of rent, the ONS also looked at rental affordability among broad income groups across the UK and discovered a hefty divide between high- and low-income households.
They found that in Northern Ireland typical high-income households paying rent spend less than 22% of its gross income on rent, but a typical low-income household spend 32% of their income.
Image: mastersenaiper
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