According to the BBC, the average commute of a worker in the UK is 54 minutes. It might seem strange to take a job which involves almost two hours of travelling every day on top of your working hours, but the latest research from CV Library tells a different story. With living costs in cities rising and wages not necessarily reflecting the hike, living in a different city to the one you work in could be the most cost effective solution.
Last week, CV library released a report of the most expensive UK cities to live and work in, and the findings are truly shocking. The North/South divide affects both salary and rent, and indicate that candidates could be better off looking for work in locations which are cheaper to live in. The only city in the north to make the top 5 list of most expensive cities was Edinburgh, where workers will spend an average of 23.32% of their income on rent.
Comparing average asking rent across the UK with monthly take home pay in these cities has found that higher salaries don’t always offset the living costs they come with. London and Brighton have two of the most disparate ratios, where lower rent in Hull, Liverpool, Sheffield and Newcastle will give candidates more of their disposable income to use or put towards savings.
With a whopping 37.1% of salaries in London going towards living costs, places like Hull where costs are just 11.6% could start to look much more attractive, particularly for millennials looking to save up to take their first steps on the property ladder. Other cities that could be worth considering are Liverpool which is a cheaper alternative to Manchester, and Glasgow which is more cost effective than Edinburgh.
These findings do not take into account any other living costs like council tax or water/gas bills, so once these are factored in cities like London, Brighton, Edinburgh and Bristol could be sending candidates hurtling towards debt each month. So where does your city rank?
Would you consider moving to another city for more disposable income? Are you struggling with living and working costs in your city? Let us know @brookstreetUK
