One year after graduation, the average graduate salary of £18,244 means the next generation of workers are limited to living in just 39.2% of England when the cost of living and rental prices are taken into account.
Online mortgage advice service, Propillo found out of 352 local authorities in England there are only 138 areas that will leave graduates with a surplus each month – the lowest of which being the Ribble Valley.
After paying rent and the cost of living, graduates living in this part of England will only have £1.10p left to save each month.
The most affordable location to live is Hartlepool in the North East. With an average rental cost of £446 per month and the cost of living being £647 per month, graduates earning £18,244 per annum will have £314.93 per month left as savings- which is £3,779.20 per year.
The least affordable location for first year graduates to live is in Kensington and Chelsea in London. A graduate living by themselves on a salary of £18,244 would be running a deficit of £3,391.40 per month – a total of £40,696.80 worth of debt each year.
In that borough there’s average rental costs of £3,881 per month and the cost of living is £981.33 per month.