Two areas of East Lancashire have been ranked among the North West regions that spend the lowest percentage of their income on rent.
Research by the Alan Boswell Group showed that residents in Hyndburn spent the third-lowest amount on their rent, while Burnley came seventh in the top 10.
It shows that these two areas are among the most affordable places for renters in the North West as the cost of living crisis continues to surge on.
The group used official Government statistics to investigate which regions are spending the least on rent by calculating the proportion of income spent on rent across regions.
It found the North West are among those spending the lowest proportion of wages on rent (27.9 per cent) in the UK.
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Hyndburn came third in the overall list for the North West, where people spend 21.49 per cent of income on rent, from a median weekly income of £503.70 and a median weekly rent of £108.23.
Burnley, meanwhile, showed that 23.62 per cent of income were spent on rent, from a median weekly income of £464.10 and a median weekly rent of £109.62.
The town’s median income is the lowest in the top 10 that were ranked, but the median weekly rent the joint-second lowest.
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Heath Alexander-Bew, director of personal lines at Alan Boswell Landlord Building Insurance has provided a few tips to help ease the rising cost of living.
1. Apply a money-saving method that fits your situation - Through shows like ‘The Martin Lewis Money Show’, viewers can learn useful money-saving methods like topping up and maxing out on energy meters before March 31st, ahead of the April price hike (if you are responsible for these, to help reduce the cost of your energy bill until you need to top up again). If you are struggling to pay, you can also speak to your energy firm who may offer hardship funds for existing customers.
2. Check if you qualify for a tax-credit claim - For those with lower income, you may be eligible to apply for a working tax-credit (Universal Credit), which enables you to receive extra cash to help with daily expenses. The government’s cost of living support page provides more advice on your specific needs, including the tax-credit claims and housing cost support.
3. Other cost of living services are readily available for the public such as food banks to help individuals and families alike struggling with the current cost of living.
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