Are you planning to relocate to London or are you simply thinking about it? Do you want to know what is the cost of living in London in 2022, and how much money you’ll need to live comfortably in London? So, here, you will get to know all the basic questions answered: how much money do you need to live in London? How much does it cost to rent in London? How much does it cost to live in London? How much money can you earn in London, and what is the wage required to live there in 2022?
AVERAGE SALARY IN LONDON IN 2022 JOBS IN LONDON
Despite Brexit and the epidemic, London’s employment market seems to have picked up a bit. However, incomes in London continue to vary widely. If you work as an intern or assistant, you may expect to earn anywhere from the minimum wage (about 14000 pounds per year depending on your age) to approximately 18000 pounds per year brutto. The main distinction is that you are paid by the hour for store workers and waiters. In a city like London, it’s not exactly a huge wage.
Junior or executive positions often pay between 18 and 32 thousand dollars, depending on experience. Managerial salaries range from $35-49K to God knows where, but a good marketing manager with 5+ years of experience may expect to earn roughly 45-55K per year.
Software professionals are usually paid more, therefore with 2-3 years of expertise as a backend developer, you may expect to earn between $40 and $55,000 per year. Adzuna and Glassdoor can help you figure out how much money you might earn if you’re relocating to London and haven’t yet found work. The average wage in London in 2018 is 40K brutto, according to these websites.
If you don’t speak the language well, it may be difficult to obtain work in London. I suggest using job aggregators such as Monster.
LOGISTICS OF MOVING TO LONDON
If you’re new to London or considering to relocate there, read my piece about the worst locations to live in London to avoid these neighborhoods. I propose utilizing websites like Spareroom or various Facebook groups if you’re searching for a room (room to rent, flatmates in London etc). If you’re searching for a place to live, I suggest Zoopla and Rightmove.
Affordable furnitures can be found in Ikea, Amazon, etc. I recommend Wayfair if you’re looking for more unique furniture (but still want it delivered quickly and at a reasonable price). We got most of our bedding and other home accessories from” target, blank, Amazon and Primark (Primark Home has some lovely bedding, pillows, and duvets).
LONDON LIVING COSTS: WHAT WILL IT COST TO LIVE IN LONDON IN 2021?
So, in 2021, how much will it cost to live in London? You may live in London on a very limited budget, but you will have to live a pretty austere lifestyle. As promised, I’ll start with the wage required for a pleasant existence in London, then go through the various expenses of living in London, and finally, what you can afford in London with four different salaries.
IN 2022, THE SALARY REQUIRED TO LIVE IN LONDON IS:
Naturally, the wage required to live in London in 2022 will be greatly influenced by your lifestyle. There are individuals who manage to live well on minimum wage and occasional side jobs, but if you want to rent a studio accommodation in Zones 3-4, shop at Waitrose, pay for your transportation, and socialize with your pals, you’ll need at least £1900 per month. Before taxes, it would be roughly £28-29K per year. So, what does this mean in terms of costs?
LONDON RENT PRICES
Prepare to spend roughly £1200 for a studio and £1500-1600 for a 1-bedroom property in a desirable neighborhood in a fairly accessible area (that would be zones 2-3 of London). Only if the building is half-decayed can you locate cheaper apartments in upscale areas like South Kensington or Hampstead. Alternatively, you may locate a fantastic apartment for £1600, but it would be a long walk from the tube or railway station. You will always have to compromise in London. You could always share with others, which would be far less expensive.
For example, we used to live in a brand-new building with a concierge and a gym in zone 1 (essentially the city center), but the neighborhood was rough and seedy. It’s not an area where you’d go for a stroll or hang out at a neighborhood brunch spot (because there are none). Instead, it’s teeming with discount stores, pound shops, Betties, and eateries. If you’re looking for a great place to live in London, check out my piece on the finest areas to live.
In addition to the rent, you will be responsible for paying council tax (approximately 80-180 pounds per month), water, gas, electricity, phone, Internet, and television, which will total 150-200 pounds per month.
OTHER COSTS TO TAKE INTO ACCOUNT WHILE LIVING IN LONDON
London’s public transportation is exorbitant. A monthly transportation pass for Zones 1-2 would cost roughly £125. This amount varies depending on your zone. Sometimes you just want to go to the movies, which is also expensive in London.
Cinema tickets range from £11 to £18 per person on weekdays and £18 per person on weekends. That’s why we’re paying £20 a month for Limitless by Odeon, which gives you unlimited visits to all Odeon cinemas (3D and IMAX excluded, you need to pay 3-4 pounds extra for that). If you’re a gym rat, you’ll spend anything from £25 to £180 each month, depending on the facility.
Theatre costs in London are reasonable; you can attend some plays for as little as £15, but expect to spend £50-70 for a popular show. Opera and ballet are much more costly. London’s nightlife is also rather pricey; a martini in a quality pub will set you back roughly £8-13. Other expenses in London, such as clothing, transport, and so on, are entirely dependent on your choices and leftover money.
HOW MUCH MONEY DO YOU NEED IN LONDON? SUMMARY OF MOVING TO LONDON IS IT WORTH IT TO LIVE IN LONDON?
To summarize, an income of at least £40,000 per year is required for a pleasant existence in London for one person. Everyone in a family of two people has to make at least £30,000, so you’d have a household income of £4000, which would pay the rent (£1600-1900), transportation, lunches, and groceries, leaving you with £1500 to spend on entertainment, going out, saving, and traveling.
Are you still thinking about relocating to London? I’m kidding. Everything is achievable; all you need to do is obtain a suitable job, and your aspirations will be realized.