The latest data from the Office for National Statistics (ONS) Household Finance Survey has offered some fascinating insights into household income across different housing tenures — and what it reveals says a lot about how people live, spend, and choose their homes.
What stands out most is just how varied our housing landscape is. Whether people rent or own, there’s a story behind every statistic — one that reflects lifestyle, age, and financial stage just as much as income level.
Starting with the private rental sector (PRS), the data shows a surprisingly even spread across income brackets. Around 19.9% of households in the lowest income group rent privately, compared with 14.6% in the highest. That balance highlights the dual role of the private rental market. For many, renting provides essential housing when affordability is tight, but for others it offers flexibility and freedom — especially for professionals who value location and convenience over ownership.
It’s a reminder that the PRS is no longer just a stepping stone; for some, it’s a lifestyle choice. In cities like Lancaster, we see this reflected every day. From young professionals renting near the hospital or university, to downsizers seeking low-maintenance homes close to the centre, renting continues to meet a wide range of needs.
Then there’s the group who own their homes outright — a tenure that’s also consistent across income levels. At first glance, this might seem surprising. However, when you consider the number of retired homeowners in this category, it makes perfect sense. Many have paid off their mortgages and enjoy full home ownership, even if their current incomes are lower due to retirement. It’s a reassuring picture — proof that long-term investment in property still delivers lasting security.
The biggest contrasts appear in social renting and mortgaged ownership. Social housing remains an essential support for lower-income households, representing 30.9% in the lowest income group but dropping sharply to just 2% among the highest earners.
On the other end of the scale, the pattern for mortgaged homes is almost the reverse. Just 16.3% of the lowest-income households have a mortgage, compared with over half (51.6%) of those in the top bracket. It reflects both affordability challenges and aspirations — owning a home remains a major goal as incomes rise.
Overall, the ONS figures paint a positive picture of variety and choice within the UK housing market. They show that our housing system supports people at different life stages — from renters seeking flexibility, to homeowners enjoying stability, and everyone in between.
It’s a timely reminder that behind every tenure statistic is a real household, making choices that suit their lifestyle and circumstances — and that’s something to feel optimistic about.
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Thanks for reading
Josh