Flat sharers need to earn at least £40,000 to afford a room in London, shocking new figures reveal.

The analysis shows the average cost of a room in the Capital is a massive £995 per month.

Based on not spending more than 30% on rent, a renter needs to bring home more than £40k to survive, according to flatshare search specialist SpareRoom

And in other cities such as Edinburgh, Oxford, Bath and Cambridge tenants require more than £30,000 to afford the rent for a room.

Live with parents

With ONS wage data putting the annual wage of 18 to 21-year-olds working full-time at just £22,000 (£1,833 per month) and £31,200 (£2,600pm) for 22 to 29-year-olds, it becomes clear why so many still live with parents.

One third of men and around a fifth of women aged 20 to 34 years lived with parents last year.

Over a quarter (26%) had received a deposit loan to help them start renting. And almost a fifth (19%) needed financial help to meet their monthly rent payments.

Saving for a deposit is out of the question.”

Matt Hutchinson, Director at SpareRoom (main picture), says: “When rents are 40% or even 50% of income, as is more common today, affording them is challenging and saving for a deposit is out of the question.

“This doesn’t just delay life plans. If you can’t meet unexpected costs outside of normal expenditure then you’re more prone to debt,” he says.

“It’s not only sky-high rents that exclude more under 30s today; there are other barriers to entry. Not everyone can save a deposit equivalent to five weeks’ rent and many parents can’t afford to help either.”

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