A lone parent with two children now requires £67,600 to reach MIS when renting privately, almost £8,000 more than if they lived in social housing. A couple with two children need £77,400 between them, while a single pensioner requires £21,300.
The show that many households remain well below this benchmark, even when in work. Couples with two children where both adults work full-time on the National Living Wage reach only 80% of MIS, while out-of-work families relying on benefits fall even further short.
Dr Chloe Blackwell, from CRSP, said: "A renewed focus on improving living standards is welcome, but tackling high housing costs must be central to any effort to reduce the cost of living. Private renting has become the only realistic option for many households, and rising rents mean more families are struggling to reach a decent standard of living."