Young Londoners on Low Incomes Spend 77 Per Cent Of Earnings on Housing, Report Finds  Londoners in their late 20s on low incomes are now spending 77 per cent of their income on housing costs, a new report has found. The City Hall investigation found that in other parts of the country, people aged 25-29 and on below-average incomes spend less than half that amount, at 33 per cent of their income.   The report found that while 40 per cent of people across England aged 16-39 are homeowners, the figure in London was just 30 per cent. According to City Hall data, the average London house price in June 2023 was £528,000, with the average deposit being £143,000.   The report concluded that “young Londoners face an almost impossible situation of high rents and house prices that are out of kilter with incomes”. It pointed out that the median annual income for Londoners aged 22-29 in 2023 was £33,343, while those aged 30-39 had a median income of £43,193.