People in one area of Merseyside spend less of their income on rent than most of the north west.
As the cost of living crisis tightens everyone's purse strings, people renting in St Helens might have a bit more spare cash as they spend less of their wages on rent than anywhere else in Merseyside. The figures, collected by a building insurance expert, take into account the average weekly income, and average weekly rent.
Using this data, St Helens ranks sixth in the north west, in terms of lowest amount of weekly wage spent on rent- at 23.17%. The average weekly income in St Helens is £547.90, while the average weekly rent is £162.92
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Knowsley also makes the top ten of areas spending the least on rent, with renters in the borough spending 24.4% of their weekly income on rent.
At the most affordable end of the spectrum is the borough of Allerdale, tucked away in the Lake District. The average cost of renting a two-bedroom house here is £109.62 a week, which equates to just 20.34% of the average income.
At the other end of the scale, the borough were renters spend most on their rent is Manchester- with a whopping 43.21% of weekly income going on rent.
Heath Alexander-Bew, director of personal lines at Alan Boswell Landlord Building Insurance experts, provided a few tips to help ease the rising cost of living:
- Apply a money-saving method that fits your situation - Through shows like ‘The Martin Lewis Money Show’, viewers can learn useful money-saving methods. If you are struggling to pay, you can also speak to your energy firm who may offer hardship funds for existing customers.
- Check if you qualify for a tax-credit claim - For those with lower income, you may be eligible to apply for a working tax-credit (Universal Credit), which enables you to receive extra cash to help with daily expenses. The government’s cost of living support page provides more advice on your specific needs, including the tax-credit claims and housing cost support.
- Other cost of living services are readily available for the public such as food banks to help individuals and families alike struggling with the current cost of living.
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