Owning a three bedroom home in the UK comes with average annual running costs of almost £20,000 which equates to £1,634 per month.
Renting a three bedroom home is only slightly less expensive at just shy of £19,000 per year (£1,576 per month).
For a household with two working adults each earning the average yearly UK pre-tax salary of £27,600 (£1,827.91 per month after tax), it means that between 43% (rented) and 45% (owned) of our post-tax earnings are being spent purely on household bills and on the rent or mortgage repayment.
The cost of the regular bills associated with running a family three bedroom home worked out more than the average mortgage repayment or rental costs.
Our Cost of Running a Home (CORAH) report found big differences in the running costs of the same sized home in 72 towns across the UK.
The figures reveal that families today either need to have someone earning significantly more than the average salary or for both parents to be working just to make ends meet.
While the national average running costs for a three bed home are slightly higher for owners, our CORAH report found that in more than half (38) of the towns surveyed the cost of living in a three bedroom home is actually less for those with a mortgage repayment than those renting.
Graham Nicholls, Head of Home insurance at MORE TH>N said: “Our Cost of Running a Home report shows just how financially stretched most people are to put a roof over their heads and pay their bills – spending almost half their income before buying other necessities such as food, commuting, petrol or other insurances such as motor. It confirms the importance of having insurance in place to protect against unexpected bills. Home insurance cover can offer peace of mind and could help save money.
He added: "If you have home insurance, it is worth checking to ensure you have the right cover to meet your personal needs. We would also encourage everyone to keep up the maintenance on their home and not be tempted to cut corners as insurers will not cover damage from wear and tear."
The MORE TH>N Cost of Running a Home Report was independently compiled by freelance personal finance journalist Rosanna Spero on behalf of MORE TH>N home insurance between January and March 2016.