ladyF:

they are living above their means. How will you give a landlord 4 months salary? Even in this same Lagos, there are places your will get decent apartments for reasonable price.

and spend the rest on trans abi..

ladyF:

lmao abeg it's from father's house to husband's house o...who bf help?

It's LadyF9

lolz..plenty people oo..oya come abuja mk I show u


LadyF9 which course u get F9 ni?

ladyF:

they are living above their means. How will you give a landlord 4 months salary? Even in this same Lagos, there are places your will get decent apartments for reasonable price.

Can't pay my landlord with 4months salary, but you need to consider distance too. There are factors that determines choice of house like distance to place of work, availability of necessary amenities/facilities, family size etc.
Anything above 2months is outta it except there's another source of income somewhere for that (prospective) tenant.

ladyF:

they are living above their means. How will you give a landlord 4 months salary? Even in this same Lagos, there are places your will get decent apartments for reasonable price.

"You can't earn 100k a month and be paying rent of 250-300k"

Do they have choice than to live in mainland? House rent for mini-flat in average locations like Oworo, New Garage, Ojota, Obalende, Surulere, Gbagada/Bariga, Ojuelegba etc cannot be less than 300k per annum in Lagos, not to talk of other mini expenses that follows monthly. Unless you are living with your parent, you can't deny your knowledge of this.

ladyF:
1 month salary or at most 10% of your annual income.

You can't earn 100k a month and be paying rent of 250-300k, you have effectively worked one-quarter of the year for your landlord. Cut your cloth according to your size and stop living above your means....What about school fees, capital projects, savings, feeding. Wisdom is profitable to direct.

It's [size=15pt]LadyF[/size] again

This is a very logical question, In Lagos you either choose to spend on accommodation or transportation.

Both have their pros and cons, but I always advise people spend on accommodation, rather than spend more on transportation.
Reasons being that:
1. Life is short, why live in Iyana ipaja/ Aboru/ Abule Egba and work in VI ? When you can live in Surulere
2. Why spend N1000-N1500 on transportation daily when you can spend less than N500?

ladyF:

they are living above their means. How will you give a landlord 4 months salary? Even in this same Lagos, there are places your will get decent apartments for reasonable price.

Without forgetting that majority of workplaces in Lagos are situated in VI, Lekki, Ajah, can you please mention places where they can live and get to work comfortably with less than a month salary?

Am looking forward to seeing how you look. Good thought though.

ladyF:
1 month salary or at most 10% of your annual income.

You can't earn 100k a month and be paying rent of 250-300k, you have effectively worked one-quarter of the year for your landlord. Cut your cloth according to your size and stop living above your means....What about school fees, capital projects, savings, feeding. Wisdom is profitable to direct.

It's [size=15pt]LadyF[/size] again

Or a heaven like far places like keffi

BADNEAT:
If you stay in abuja and ur one month's salary settles your rent, and you're not living in a slum,then we need to be friends...find enclosed my application letter

olalat:
Or a heaven like far places like keffi

maraba traffic ll frustrate u into resignation

Holarmide:
I am married with 2 kids, and my wife's kid brother of 20yrs lives with me and he doesn't work. We live in a 3 bedroom flat estimated at 400 per year. Initially I was making 80k as salary and my wife makes 30k cos she is doing a weekend only job as she schools. Now I stopped work last month cos my office owes me 3 months salary n they refuse to pay. So Tell me, is the rent ok or am suppose to settle for something lesser?

You may need to change location or settle for something lesser. I have a policy of investing a minimum of whatever I pay as rent, hope you are buoyant enough to make a minimum investment of 400k per annum in a long term asset class.

Single 10% of ur annual salary
Newly Married 20% of ur annual salary
10years married 30% of ur annual salary/ preferably u shld b living in ur house n collecting rent from ppl ie for smart guys
15years married u shld b a landlord except someone swear for u

So many disgruntled analysts here.

So a man earning N100k a month cannot rent an apartment of N250k?

Please where else can a man earn N100k a month order than the cities where rent is expensive?

So you folks want to earn N100k/month in a company in Lekki while you live in Osogbo where rent is N50k/year?

If you want a rent of N5k per year, then be ready to settle with a 3k job.

There is a reason why many Lagosians, after working for 25 years, are still unable to buy a land.

Whatever you earn, be ready to spend on 'leakages'

I only advise people to use a month and half salary to pay house rent.. It depends also too, highest two month salary is okay

20% max. I believe dats ideal. As for me 30% goes to my expenses including upkeep. Mean while I am not into salary things.

Well, 15% is ideal Mr op.

Maximum 15% of my annual salary...

ladyF:
1 month salary or at most 10% of your annual income.

You can't earn 100k a month and be paying rent of 250-300k, you have effectively worked one-quarter of the year for your landlord. Cut your cloth according to your size and stop living above your means....What about school fees, capital projects, savings, feeding. Wisdom is profitable to direct.

It's [size=15pt]LadyF[/size] again

just marry me.

U are damn too smart to go to another man

Depends on where you ...if you live in city like new York,and you don't really earn much..you might be spending up 60% of income on accommodation

Depends on ur status but the benchmark is usually 30% of ur net income. Those of u saying less than this are not quite familiar with the housing trend in Lagos. You will struggle to get a decent house for 20% of ur net income.

I searched for a 2bed for 300k for almost 1year without luck. This was less than 30 % of of income. I had to up my spend to 450k before I got a fair deal. Proximity to work place is also key, save you want t spend the
rest of your salary commuting to and fro.

You should settle for sth less. How do you feed and pay fees plus other things with that pay?? Go less my brother.

Holarmide:
I am married with 2 kids, and my wife's kid brother of 20yrs lives with me and he doesn't work. We live in a 3 bedroom flat estimated at 400 per year. Initially I was making 80k as salary and my wife makes 30k cos she is doing a weekend only job as she schools. Now I stopped work last month cos my office owes me 3 months salary n they refuse to pay. So Tell me, is the rent ok or am suppose to settle for something lesser?

Not more than 40% of your monthly income is fine however, your location also determines how much you spend on accommodation.

The best shot is, don't live in a house that is above your two (2) months take home salary.
It works like aboniki.
It pays no one to pay heavily on rent and not own your own house.
Open your eyes ooooooo.

Ephemmm:


"You can't earn 100k a month and be paying rent of 250-300k"

Do they have choice than to live in mainland? House rent for mini-flat in average locations like Oworo, New Garage, Ojota, Obalende, Surulere, Gbagada/Bariga, Ojuelegba etc cannot be less than 300k per annum in Lagos, not to talk of other mini expenses that follows monthly. Unless you are living with your parent, you can't deny your knowledge of this.

It seems a lot of peeps don't know the reality on ground especially in Lagos where housing is costlier. When I moved from Abk to Lag, I was expecting to see a mini flat of about 10k per month because I paid 7k in Abk, but to my greatest surprise all the way from Abule Egba to Mile2, a manageable minflat goes for 200k per annum at Okota area of Lagos its 250k. Mind you I work on the island. All environs nearer to the Island i.e ebutte metta, orile, Otto are volatile for my liking.

ladyF:
Jeez...did someone just say 4 months salary ffor house rent?

Somebody shoot me please

Oya Take IT!

︻╦╤─ =========== LadyF

15% fair deal...... 20% (max)

blackfm:
This issue is relative with a lot of variables such as status, geography and income so u cant just put a % to it. A single guy can make do wit a self contain or miniflat which is valued at about 300k in lag whereas same will cost 150k in ibadan. A married man with kids has a diferent space need and so on. My formula is this, ur expenses for the monthly( after breaing the ones paid one off like rent into months) should not exceed 1/3 of ur income. 1/3 of it should go to savings while the other 1/3 should service your debts and go into short term investments.

Generally, over 1/3 is considered excessive. In developed countries.

Under 1/4 is considered good enough.

That becomes even better if you have your own house/flat, if without mortgage.

Wherever you live in Naija, you should not spend greater than 10% of your yearly income on accommodation. Won't you save for other things? Investment, building your own home, marrying and training up your kids. Remember there's always a part of the city that will accommodate you whatever level you choose.

Monthly rent should not exceed 1/3 of ur monthly income.

ladyF:
1 month salary or at most 10% of your annual income.

You can't earn 100k a month and be paying rent of 250-300k, you have effectively worked one-quarter of the year for your landlord. Cut your cloth according to your size and stop living above your means....What about school fees, capital projects, savings, feeding. Wisdom is profitable to direct.

It's [size=15pt]LadyF[/size] again

u r ryt. LadyB=a wife material.

Just starting up but is not easy ooo