A new Islamic school, regeneration around a train station and a new Lidl are some of the significant developments put before Greater Manchester this week.
01.05.2024 - 07:09 / manchestereveningnews.co.uk
Renters in one Greater Manchester area are spending more than half of their take-home pay on rent as wages fail to keep up with soaring prices. Rent costs in Manchester have gone up twice as fast as wages over the last nine years, exclusive analysis by Manchester Evenings News has revealed.
New data shows that renting the average home in the Manchester borough now costs £1,194 a month - taking up a whopping 54.8 percent of the typical take-home pay - which is the highest percentage in the north of England. Rent costs are up by 11 percent compared to the same time last year, and by 51.5 percent since March 2015, when the average home in the city cost just £788 a month to rent.
The average full-time employee in Manchester earned an estimated £26,127 last year after tax and national insurance were deducted. That’s gone up by 26 percent from 2014, when the average take-home pay in the city was £20,738 for full-time workers.
READ MORE: 'I make £85,000 a year renting out my swimming pool - it's our main income'
Here is what it now costs to rent in each of the region's 10 boroughs, from the least to most affordable:
Average monthly rent: £1,194
Average annual salary after tax: £26,127
Percentage of take-home pay spent on rent: 54.8%
Average monthly rent: £1,021
Average annual salary after tax: £25,519
Percentage of take-home pay spent on rent: 48.0%
Average monthly rent: £1,148
Average annual salary after tax: £29,887
Percentage of take-home pay spent on rent: 46.1%
Average monthly rent: £762
Average annual salary after tax: £24,123
Percentage of take-home pay spent on rent: 37.9%
Average monthly rent: £926
Average annual salary after tax: £29,448
Percentage of take-home pay spent on rent: 37.7%
Average monthly rent: £824
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A new Islamic school, regeneration around a train station and a new Lidl are some of the significant developments put before Greater Manchester this week.
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