High costs of living alone

Living without roommates or a partner is becoming more popular despite the high costs of living making this more difficult.

Within the last year the amount of people living alone has risen from 178,000 to 237,000.

 

When trying to become a solo homeowner it is also worth taking a look at the mortgage-to-salary ratio in your area so you know whether you can afford the repayments there.

Alan Boswell Group have compared the cost of living alone to the square footage of a 1 bed flat, studios and single room occupancies to determine the cheapest and most expensive areas of the UK to live alone.

 

The cheapest places to live alone

The cheapest places to live alone are in the North of England or in the midlands with an exception of Plymouth which sits at NO. 9 on the Alan Boswell list with the price per square meter at £11.77.

  • Hull

Price per square meter is £8.85 making it the cheapest place to live as a single occupant.

  • Bradford

Price per square meter is £9.17.

  • Stoke on Trent

Price per square meter is £9.22

  • Liverpool

Price per square meter is £9.91.

 

The most expensive places to live alone

Cities in the South of England are the most expensive to live alone with an average price per square meter of, £18.09 which is a 76.95% increase from the North which is, £10.22 per square meter.

  • London

Price per square meter is £23.39.

  • Bristol

Price per square meter is £19.33.

  • Brighton and Hove

Price per square meter is £19.32.

  • Reading

Price per square meter is £17.40.

 

The cost of living alone

Living alone will always be a more expensive option than sharing the cost of rent and household bill with a partner or roommate.

The average monthly costs of living alone are reported at £651 excluding the costs of rent. These costs include, council tax, household bills, groceries, phone bills and more.

Those who live alone are spending on average 92% of their disposable income on living expenses compared to 83% for couples.

Living alone also means spending on average, £15 more on grocery shops per week.

This explains the data that 47% of young singles have no savings at all.

 

How to cut down costs

There are a few ways in which you can reduce your spending including, lowering your energy bills through useful tips to lower your energy usage or installing a smart meter.

If you are on a low income then learn a few ways you can still budget and use you money efficiently to stay afloat.

Setting yourself a budget which prioritises rent and bills to help you keep track of your money. This can be done by using finance apps.

 

Don’t be defeated by high living costs and a low budget, learn ways to make your money work for you.