Savings rate in Nottingham — are you on track?
Nottingham is a moderate cost city. Nottingham median rent is around £800/month, affordable for a midlands city with a large university and professional base. Nottingham earners at mid-income levels typically save above the UK benchmark thanks to low housing costs.
Median rent
£800/mo
Nottingham 2024
Typical other costs
£950/mo
excl. housing
Savings benchmark
8–23%
mid-income GBP
Monthly budget snapshot — Nottingham
Pre-set for Nottingham — adjust to your situation
What a good savings rate looks like in Nottingham
Using data from ONS Living Costs & Food Survey FYE2024, people at mid-range incomes in United Kingdom typically save between 8–23% of gross income. In a moderate cost city like Nottingham, housing costs can compress that meaningfully — especially for renters.
Source: ONS Living Costs & Food Survey FYE2024. Benchmarks shown for mid-income earners in United Kingdom.
Frequently asked questions — Nottingham
What savings rate is considered good in Nottingham?+
In Nottingham, a savings rate of 16% of gross income is the expected benchmark for mid-income earners in United Kingdom. A rate below 8% is considered a minimum floor — anything less means you are not building meaningful financial resilience. Reaching 32% or above puts you in a strong position relative to others at your income level.
How much does rent cost in Nottingham?+
The median rent in Nottingham is around £800 per month. Nottingham median rent is around £800/month, affordable for a midlands city with a large university and professional base. This makes rent one of the biggest factors in your ability to save — especially for renters, who typically face higher housing cost burdens than homeowners with fixed mortgages.
What does a typical monthly budget look like in Nottingham?+
A typical budget in Nottingham includes approximately £800/month for rent and £950/month for other living expenses, for a combined £1,750/month in core costs. Nottingham earners at mid-income levels typically save above the UK benchmark thanks to low housing costs. Any income above this baseline is what is available for saving or investing.
Can you build wealth while living in Nottingham?+
Yes — but it requires a savings rate in the 8–23% range to match the benchmark for United Kingdom. Nottingham is a moderate cost city, so housing and living costs are moderate, giving more room to hit the savings benchmark. Nottingham earners at mid-income levels typically save above the UK benchmark thanks to low housing costs.
How is the savings benchmark in Nottingham calculated?+
The benchmark is derived from ONS Living Costs & Food Survey FYE2024, the official national household expenditure survey for United Kingdom. Savings rates are calculated by income band — so the expected rate adjusts based on what you earn, not a single national average. This makes the benchmark more relevant to your actual financial position in Nottingham.
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