England: income spent on mortgage/rent from 2011 to 2023, by tenure
When comparing the mortgage or rental costs incurred by owners with mortgage, private renters and social renters in England, private renters pay a considerably larger share of their income than the other two groups. While owner occupiers with mortgages paid approximately 17.8 percent of their income on mortgage in 2023, private renters paid 32.3 percent, or almost one third. In terms of average monthly costs, renting a three-bedroom house is more expensive than buying.