What you *really* need to earn to rent a one-bed in each London postcode

Planning to rent a house in London? Get ready to be depressed.

TotallyMoney.com has mapped the real minimum wage you need to rent out a one-bedrrom flat in all of London’s 120 postcodes.

As it turns out, Abbey Wood in zone 4 is the only postcode where a minimum-wage earner, working full time on £6.50 an hour, can afford a place of their own.

The figures are based on the hourly wage that an individual must earn working 37.5 hours a week, for a one-bedroom rental, without paying more than 50% of their income.

Here are the key findings:

  • Abbey Wood, a South East London area in Zone 4, is the only postcode out of 120 that is affordable on Minimum Wage.
  • Meanwhile, the London Living Wage only affords you two out of 120 postcodes: Abbey Wood and Enfield in Zone 6.
  • George Osborne’s annual Minimum Wage raise of 3% is only half of that forecast for rent at 6% per year.
  • In gentrified areas such as Stratford and the Tower Hamlets’ postcode of E14, you’d need to earn £39,500 and £52,800 a year respectively. 
  • To live in EC3, London’s most expensive postcode, you would need to work 106 hours a day on Minimum Wage.

 

Here is what you really need to earn to rent a one-bed in each London postcode:

Here is what you really need to earn to rent a 1-bed in each postcode

 

Here is what you really need to earn to rent a 1-bed in each postcode

 

Here is what you really need to earn to rent a 1-bed in each postcode

 

 

Here is what you really need to earn to rent a 1-bed in each postcode

 

 

Here is what you really need to earn to rent a 1-bed in each postcode

 

Here is what you really need to earn to rent a 1-bed in each postcode

 

Here is what you really need to earn to rent a 1-bed in each postcode

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