What you *really* need to earn to rent a one-bed in each London postcode

Planning to rent a house in London? Get ready to be depressed.

TotallyMoney.com has mapped the real minimum wage you need to rent out a one-bedrrom flat in all of London’s 120 postcodes.

As it turns out, Abbey Wood in zone 4 is the only postcode where a minimum-wage earner, working full time on £6.50 an hour, can afford a place of their own.

The figures are based on the hourly wage that an individual must earn working 37.5 hours a week, for a one-bedroom rental, without paying more than 50% of their income.

Here are the key findings:

Abbey Wood, a South East London area in Zone 4, is the only postcode out of 120 that is affordable on Minimum Wage.
Meanwhile, the London Living Wage only affords you two out of 120 postcodes: Abbey Wood and Enfield in Zone 6.
George Osborne’s annual Minimum Wage raise of 3% is only half of that forecast for rent at 6% per year.
In gentrified areas such as Stratford and the Tower Hamlets’ postcode of E14, you’d need to earn £39,500 and £52,800 a year respectively.
To live in EC3, London’s most expensive postcode, you would need to work 106 hours a day on Minimum Wage.

Here is what you really need to earn to rent a one-bed in each London postcode:

Here is what you really need to earn to rent a 1-bed in each postcode