In June of this year, average London monthly rents hit £1,500 for the first time; more than double average renting prices outside the capital.
Between 2000 and 2012, median family income dropped 8% while the average U.S. rent prices climbed 13%, increasing cost of living.
The graph below shows average weekly rent prices for homes in London and for those outside the capital.
At around $1,000 a week (give or take, depending on location), it's definitely cheaper than a per-night rate at many hotels, but it's higher than even the average Manhattan rent price, which lists for around $3,350.
The numerical comparison of minimum wage earnings to average rent (or house prices) is so nonsensical it can only be explained as a purposeful misleading of decision makers by advocates for government action on behalf of the poor.
(Their decisions are often based more on profit-driven factors like average rents and price-per-square-foot comparisons than emotional considerations). And when it comes to brand-new construction, buyers regularly commit with little more to go on than renderings and floor plans.
Yet, whenever you see someone claiming that housing is unaffordable on the basis of comparing the earnings of a minimum wage worker to an average rent or home price know that such comparison has no relevance for the issue it is supposedly supporting.
In the years following the higher education reforms of 2010, UCL quietly but quickly increased rent prices to an average of £180 per week – £7,200 for this academic year.
This migration has had a massive impact on local rent prices, which have risen, on average, by 69percentt in the last 13 years.
