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At what salary do people think that you can live comfortably in London Watch

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    I am aged 29 and currently earn 38,000 a year, not sure how this compares but having just moved to London recently I am finding it quite tough!
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    100 million gabillion pounds
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    Bit of a tangent here, but apart from housing, is anything else expensive in London? I live in the North East, and on my visits to London, food, fuel etc all seems to be the same ... so is it only the cost of housing that is higher?
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    I'd say a quarter million a year should do it
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    Depends on which part of London.
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    (Original post by Badwa)
    I am aged 29 and currently earn 38,000 a year, not sure how this compares but having just moved to London recently I am finding it quite tough!
    I think it is quite tough, depending on where you are in London - the key thing is of course your living arrangements, eg, how much rent / mortgage you pay and this is of course strongly influenced by how close to the centre you are, if you live in a fashionable area, etc. I would say £38K is plenty if you are planning to live in Outer London and rent an affordable place. Inside the Circular Roads, it will be more of a challenge, there are still some more reasonable areas, but rents rise sharply along the tube lines. Anywhere within a few miles of the centre, £38K is almost certainly not enough to live 'comfortably' unless you also have a lot of help from family, etc, for example, inherited property or a subsidised place to live.
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    (Original post by resitsutd)
    Bit of a tangent here, but apart from housing, is anything else expensive in London? I live in the North East, and on my visits to London, food, fuel etc all seems to be the same ... so is it only the cost of housing that is higher?
    I've noticed that prices outside London are lower for lots of things, particularly for drinks / eating out, but also even things like supermarket prices. A lot of central London stores charge a bit more than elsewhere.
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    It's a pointless question because what is comfortable to some is not comfortable to others. A Syrian refugee would probably think minimum wage is comfortable whereas someone used to a millionaire's lifestyle would struggle on what others would consider a large amount of money.

    What is comfortable is just a question of what lifestyle you have become accustomed to and what your expectations are.
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    (Original post by Badwa)
    I am aged 29 and currently earn 38,000 a year, not sure how this compares but having just moved to London recently I am finding it quite tough!
    Hi,

    I agree with some posters. It depends on certain things like accommodation, living location and your lifestyle. Living in a place like Knightsbridge or Chelsea will be different to living in Croydon or Lewisham.

    If you have a family with children and renting a house with other bills, I think that £38K may not be enough to live "comfortably."

    I think you should make a decision on what lifestyle you want to live and plan according to that decision. Some people have told me that it is best to get a mortgage (if you can afford it), rather than renting because you will be 'paying off another person's mortgage.'

    Finally, if you are finding it tough to live in London on 38K, try to cut back on your non-important expenses such as going out or eating out etc. Or you may even decide to move to other zones away from the centre such as Zone 5 and 6 or move out completely from London and commute into London. It may be a cheaper option in the end.

    Good luck.
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    As a single person outside of London i'd be living a pretty swanky lifestyle and saving at about £1500 per month (~£21k post tax). If you squeeze your general spending a bit you'd negate the non-rent costs outside of London meaning that you'd only really have to take that into account.
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    Depends.

    Living alone or sharing? And what part of London?

    When I first moved into London, I was living in Zone 2 on a lower wage than the OP and considered myself to be comfortable. In that I was able to socialise, go on holiday and still able to put money away in savings.
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    £60000
    But personally I would want more than that
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    £100000 is only £65000 after tax so I'd say £100000
    You should spend only 1/3 of your income on mortgage
    And your house should be three times your salary
    For £300000 you could buy a good sized apartment in outer London
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    Comfortably is extremely subjective.

    I know plenty of people on £40k (ish) who live in London and would certainly describe themselves as comfortable. They wouldn't regard themselves as rich, of course, but they have a very good standard of life.

    For me, on a salary of £38k I would be looking to flatshare. It makes everything significantly cheaper.
 
 
 
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