Living in London has long been the aspiration of people not just from the UK, but from around the world. It continues to draw in people of all walks of life, but is it affordable for those on low or even middle incomes?
Renting in London is known to be costly business, eating up much of many Londoners otherwise disposable income, especially we’re in the throws of a cost-of-living crisis where literally everything seems to be costing more and more.
To counter this, many have been choosing to try and save some money by moving to commuter towns outside the capital, meaning long commutes in and out of the city each day.
But now new research has revealed the cheapest places to rent a home in London with some costing £1,000 less than the most expensive in the region.
According to recent research carried out by MyLondon, South London’s Croydon had the cheapest average rent in the capital.
Croydon also had the second lowest level for the percentage of the amount that local residents spend on rent.
Finding that the median rent in Croydon is £1,200 with the median earning in the region at £34,225 seeing 42 per cent of wages spent on rent.
With even the most modern, well-appointed studio apartments in Croydon starting from as little as £1,500, they are still way under the rental cost of more traditionally upmarket areas.
MyLondon also found that the borough with the lowest amount of wage spent on rent was Bromley.
As research found that in Bromley the average rent was £1,300 and the wage was £37,749 showing just 41 per cent of wages go towards rent.
Speaking to MyLondon, Daniel Copley, Consumer Spokesperson at Zoopla said: “Aside from properties in Bromley and Croydon providing better value for money in comparison to Central London, another big perk is the excellent transport connections provided by both locations to stations like London Bridge, Victoria and St Pancras.”
Adding: “Gatwick Airport can also be reached in just 28 minutes from East Croydon thanks to the Gatwick Express.”
Rent in the boroughs of Croydon and Bromley was around £1,000 cheaper than the most expensive areas to rent in London, Kensington and Chelsea where rent is £2,300.
Opting for a commuter town can provide a quieter, more affordable setting with potentially larger living spaces. This choice often comes with a trade-off between longer daily commutes and a less hectic lifestyle.
While commuting offers time for relaxation or work, it can also lead to fatigue, reduced family time, and increased transportation expenses.
At the end of the day, the decision hinges on individual priorities. For those valuing city buzz, career opportunities, and diverse experiences, London may be the right fit. Meanwhile, individuals seeking a balance between work and personal life, with a preference for quieter surroundings, might find commuter towns more appealing. Evaluating factors like job location, lifestyle preferences, and financial considerations will aid in making an informed decision.
