Study by job site, CV-Library, reveals that while people living in Liverpool pay on average just under 30% of their monthly take-home pay, in London that percentage soars to almost 75%. Tony McDonough reports
A new study confirms Liverpool is one of the most cost-effective cities to in which to live and work in the UK.
The survey by independent job site, CV-Library, reveals that while people living in Liverpool pay on average just under 30% of their monthly take-home pay, in London that percentage soars to almost 75%. Even Manchester’s figure is significantly higher at more than 37%
Using data from Rightmove, CV-Library compared the average rent for a two-bedroom home in 14 UK cities with average salaries of jobs in its own database to calculate the percentages.
Only Aberdeen, at 29.21% and Hull, at 23.27%, offered lower cost of living than Liverpool. London, unsurprisingly, was top. The full table is shown here:
Lee Biggins, founder and managing director of CV-Library, said: “Despite the Government’s efforts to eliminate the North/South divide, it’s clear that living costs and wages aren’t quite following suit.
“Generation rent is well and truly in full swing, and while some cities offer manageable living costs and generous pay packets, others could be pushing workers to breaking point.”
The findings do not factor in additional costs on top of rent, such as council tax, electricity, water and gas bills, not to mention other monthly outgoings including mobile phone and internet contracts, pension, transport and insurance.