Rent In London Is Consuming 57% Of Millennials’ Income

Jon Alternative Media, Blogosphere, Real Estate

While the luxury housing bubble has burst in the UK, one-bedroom rentals that are popular among millennials are still putting a dent in their discretionary cash flow.
A new study by Countrywide Plc, the UK’s largest realtor, reports that a one-bedroom apartment in London now consumes 57% of a millennials net income on average, up 16% from 2007 which saw rent consume 41% of income.
The average cost of a small home in London now stands at $1,609 a month, up 48% in the past nine years, and well surpassing wage growth of 11% over the same period Bloomberg reports.
In Great Britain overall, one-bedroom apartment rents are taking up over 45% of income for millennials, up from 2007 levels as well.

This post was published at Zero Hedge on Jun 14, 2016.