Rental Affordability

Tom275

Partner and I have moved to a new area for better jobs and are looking for properties to rent. Between us we are making £60,000 a year and have no dependents. is £1100 a month too much to be paying for rent? Colleagues and friends think this is extortionate and should be only be looking to pay up to £700 a month but all we can find in that budget is small houses in bad areas and high rise flats! Current rent is £825 and we are spending over £500 a month between us on fuel commuting so it doesn't seem so bad.

Pixie5740

If moving to a property with rent of £1100 means that you will be paying £225 or less commuting then you'd be no better or now worse than you are now financially.

My income is higher than yours and I pay £925 in rent. I wouldn't really want to be paying any more than that really as more expensive properties usually mean higher heating costs and council tax. I could have rented someone cheaper but then I wouldn't have been able to cycle to work in 10 minutes.

quidsy

I live 20 mins from the City by train & pay 1150 for a 3 bed maisonette with parking. I earn around the same as you on my own & pay it all on my own. It is still perfectly affordable & I manage to put over 1k a month towards debt clearance after bills, transport & food costs.

Tom275

Well, quite, and that doesn't factor in the cost of tires and other maintenance costs. They are not necessarily much bigger properties, but have space to park the car, better location etc so the running costs should not be much different.

Guest101

Im jealous of people's income...

Pixie5740

Tom275 wrote: »

Well, quite, and that doesn't factor in the cost of tires and other maintenance costs. They are not necessarily much bigger properties, but have space to park the car, better location etc so the running costs should not be much different.

Sounds like you've already made up your mind so just do it.

Guest101 wrote: »

Im jealous of people's income...

You don't know what I have to do for the money.

Maggie.Moo_2

As long as you're living within your means, what's the problem? Sure, I personally think it's a bit expensive but my household income is nowhere near £60,000. Maybe if there were similar (features and location) properties available for less I'd assume it would be sensible to go for those first but at the same time I guess you renting something more expensive leaves the cheaper ones available to those who can't afford £1100PCM. Besides, you've said there's nothing similar which is cheaper.

I agree with Pixie, it sounds like you've already decided you want to go for it but you're just looking for external justification due to the thoughts of friends and colleagues.

Tom275

Thanks for all the replies guys. Yeah just looking for some other opinions, I don't think it matters what we spend on rent its going to be difficult to save for a mortgage regardless ha!!