this post was submitted on 12 Sep 2023
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Neoliberal

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Free trade, open borders, taco trucks on every corner. Latest discussion thread: April 2024 **We in m/Neoliberal support:** - Free trade and competitive markets

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[–] [email protected] 2 points 1 year ago

This is an interesting metric, I'd be fascinated to see it for other major global cities.

I did a quick back-of-the-envelope calculation that two full-time minimum wage workers over the age of 23 in the UK would earn £2,820 a month (gross of tax) between them. If the general rule of thumb for affordability is to spend 30% of gross income on rent then this would equate to an £846 budget for monthly rent.

That strikes me as an astonishingly low number for London. London publishes this data (at a postcode level rather than at the level of the 32 boroughs) which substantiate that there are only a few Outer London postcodes where the average rent is below £1,500 - suggesting we're very likely to be in the same bucket as NY on this measure.

We need to just build stuff.