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How do people?
merlin68
Posts: 2,405 Forumite
Afford private rents or mortgages. It's beyond my comprehension. When most jobs are minimum wage.
We certainly couldn't afford it on our income.
They can also run 2 cars and go on foreign holidays and socialise.
We certainly couldn't afford it on our income.
They can also run 2 cars and go on foreign holidays and socialise.
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Afford private rents or mortgages. It's beyond my comprehension. When most jobs are minimum wage.
We certainly couldn't afford it on our income.
They can also run 2 cars and go on foreign holidays and socialise.
Generalising a bit?......... Most of the people I know on minimum wage can't afford to run a car or holidays..........
Don't forget many on low incomes are entitled to housing benefit and Council tax benefit which does help.
Since the changes in housing benefit many people who rent have had to "downsize". One of our neighbours down the road who is a single mum working part time on NMW has had to move as she can't afford to top up the housing benefit each month. The house she rented has just been let again for £850-00 per month so it was affordable because she didn't have to pay it...0 -
Most jobs are not minimum wage, the average salary in the UK around £34k and the medium wage is around £20k (i.e. approx 50% of workers earn more than that and 50% earn less).'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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Even a friend of mine on £12000 a year has a mortgage. All the private rents I have seen have said no DSS. So it can't be HB paying the rent.
We don't get help with the rent or CT on £300 a week, lucky I live in a council flat with a low rent of £77.70 a week.0 -
Housing costs for mortgage borrowers are now amongst the cheapest in history, with fixed rates often typically between 3-4%. Then you have loads of other people on base rate trackers, paying out peanuts each month in interest.
As for rents, two people on an average salary (say 25k) are quite capable of finding £1000 per month between them, so there's plenty scope for strong rent rises from the current record level of £700. Before the mortgage rate plunge, two salaries were typically required to service recent borrowing. It's likely that rents will continue to adjust upwards to accommodate double incomes too. Single people can house share.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Most jobs are not minimum wage, the average salary in the UK around £34k and the medium wage is around £20k (i.e. approx 50% of workers earn more than that and 50% earn less).
According to the ONS for full time workers in 2008 the median was £25,123 and the mean was £31,323. It's slightly higher than that now, so somewhere around 26K for median and 32K for mean. Full time males earn more than this figure, and females earn less, on average.
But this is only for PAYE workers, and so takes no account of the self-employed contractors and company owners, etc. Which is where the real money is earned.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Afford private rents or mortgages. It's beyond my comprehension. When most jobs are minimum wage.
It's because most jobs aren't minimum wage. Minimum wage is £5.93 an hour. The median average wage is £499 a week, which is around £13 an hour. So half all people earn over double the minimum wage.
If you look at the latest ONS releases you'll see that when you look at median wage for all part time and full time male and female workers less than 10% earn less than £6.19 an hour. It also shows that 10% of people earn £24.50 or more per hour.
So in summary:- Only one in ten of working people earn close to minimum wage, not "most" people;
- Half of all working people earn more than double the minimum wage;
- One in ten working people earn around £50,000 or more a year.
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REWIRED_GHU0L wrote: »Don't forget all the latest iPods, iPads, iPhones, and other digital gadgets that these ghuols buy.
Yes, those poor electronic gadgets can't afford private rents or mortgages either.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Afford private rents or mortgages. It's beyond my comprehension. When most jobs are minimum wage.
We certainly couldn't afford it on our income.
They can also run 2 cars and go on foreign holidays and socialise.
One of the less intelligent questions of course, as evidenced by the "most jobs are on minimum wage" assertion.
Anybody who really believes this is basically... er... unemployable, except at... er... minimum wage.0 -
Afford private rents or mortgages. It's beyond my comprehension. When most jobs are minimum wage.
We certainly couldn't afford it on our income.
They can also run 2 cars and go on foreign holidays and socialise.
very true. of the few jobs advertised around here, most are mininum wage.
how do people afford mortgages? by being good with money. i've never managed to pass all the interviews and get any paid job but i've still suceeded in getting a liar mortgage and paying it all off so i now own my home. only cos i'm very good with money.Martin has asked me to tell you I'm about to cut the cheese, pull my finger.0 -
dave4545454 wrote: »very true. of the few jobs advertised around here, most are mininum wage.
how do people afford mortgages? by being good with money. i've never managed to pass all the interviews and get any paid job but i've still suceeded in getting a liar mortgage and paying it all off so i now own my home. only cos i'm very good with money.
Many families or single parents receive substantial supplements to their income, often in the form of tax credits. A young single mother who lives near my mam receives several hundred pounds per month on top on top of her low income I believe - giving her an effective income on par or even above average salary and enough money to afford a mortgage.
I guess tax credits in particular have been hugely benefit to house prices and rents.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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