A recent spate of articles has highlighted the plight of HENRYs – high earners, not rich yet – who earn £100,000 or more but claim they do not feel wealthy. One such article featured a man earning £103,500, renting a flat in London for £2,230 a month, and spending £600 on groceries at Aldi. He lamented being unable to save for a deposit.
I earn around £120,000 gross as a self-employed content marketing consultant, and I reject the HENRY label. Instead, I call myself a HEIFER – high earner, I feel rich. While I acknowledge the cost-of-living and housing crises, and that parents face high childcare costs, I believe many HENRYs make expensive choices and frame them as societal issues.
The HENRY in question could save £1,000 a month and still have £1,694 disposable income. He could also move to a cheaper area like Southwark (average one-bed rent £1,779) or Lewisham (£1,406). I saved £25,000 over seven years on a salary rising from minimum wage to £45,000, buying a one-bed flat in zone 4 for £205,000 with a 10% deposit and no help from family.
With his salary, the HENRY would qualify for a mortgage on any of 1,150 flats in south-east London costing £200,000–£300,000. The claim that no London property is affordable on six figures is simply untrue – what he means is he cannot afford the area he wants.
I appreciate my privilege. I am childfree, single when I bought my flat, and my income has recently increased. But even on lower pay, I budgeted and saved. The HENRY mentality ignores the reality that many people earn far less and still manage to buy homes. Instead of complaining, high earners should recognise their good fortune.
