More than you might have thought...

In his post, Lola points out that 75% of tenants’ income goes out in tax, one way or the other.

However, according to insurance company More Than, this is, surprisingly, less than it is for an average home owner with a mortgage:

Owning a three bedroom home in the UK comes with average annual running costs of almost £20,000 which equates to £1,634 per month. Renting a three bedroom home is only slightly less expensive at just shy of £19,000 per year (£1,576 per month).

For a household with two working adults each earning the average yearly UK pre-tax salary of £27,600 (£1,827.91 per month after tax), it means that between 43% (rented) and 45% (owned) of our post-tax earnings are being spent purely on household bills and on the rent or mortgage repayment.

Where it all goes is in the infographic above. Who would have thought we spend so much money on gardening?