Is a 60k salary in London ok to get by?

lookstraightahead

Murphybear said:

sourpuss2021 said:

One person earning £60k in London in a non-WFH job can have a good time living in a shared flat in a pleasant zone 2 neighbourhood where there are a lot of other young professionals.   This might be in Battersea. Clapham, Islington, “posh Peckham”, or Hackney, for example.

But on that budget I think you should  forget about being able to rent your own flat! It’s not enough to be able to do much else.

And you would be competing with couples with greater spending power.  Or living somewhere grotty or distant and dull where  life wouldn’t be much fun.

I would say wait till you’re on £80k or have a partner to move in with, before looking to rent your own flat without having to drastically compromise on much of what you’re looking for.

£60k may sound a lot.  I shared a flat in London zone 3 for 6 years with my BFF.  She was earning £60k but didn’t have a particularly lavish lifestyle.  She was paying a mortgage, not renting and ran an old car.  

This was from 1990 - 1996.  That’s a long time ago.  I can’t imagine £60k would go all that  far today.  

I left London in 1996, haven’t been back since, I can’t believe how high the rents are now    

Relatively I don't think rents are higher than anywhere near a big city, yet a lot of salaries are more in central London (depending on industry).

It's making sure you don't waste money and London is very tempting. You have to be sensible in your choices. I find that more people in London buy lunch, buy coffees, eat out more etc.

I don't think you can beat the experience though. I'm like you, i left in 1996 but I have always returned a lot and my daughter lives there now with an old uni friend. I don't want that lifestyle anymore but there is so much experience to be gained if you do it properly and sensibly, and live it like a resident rather than a tourist.