What Percentage Of Your Salary Should Be Allotted To Accommodation? - Career

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What Percentage Of Your Salary Should Be Allotted To Accommodation? - Career - Nairaland

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What Percentage Of Your Salary Should Be Allotted To Accommodation? by Mbkite(m): 2:04pm On Mar 04, 2016

I am working seriously on increasing my savings "I don too blow money"
pls nairalander, what percentage of salary is advisable to allot to accommodation?

Thank you!

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by chivic(m): 2:17pm On Mar 04, 2016

It should never exceed 35%

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Mbkite(m): 2:20pm On Mar 04, 2016

chivic:
It can not be fixed,it depends on a lot of factors like the geographical location of your job,your taste for comfort ,whether married or not married, Family size and above all your take home(salary).eg.the cost of a 3 bedroom flat in Ibadan GRA might not be able to afford u a self contained apartment in,Festac,ikeja,etc

Thanx chivic.
I jst think there is a benchmark. A certain percentage one shouldn't exceed no matter what.

1 Like

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Mbkite(m): 8:23pm On Mar 04, 2016

Tosyne2much, ngeneukwu what do u think?

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by tosyne2much(m): 10:20pm On Mar 04, 2016

Mbkite:
Tosyne.2much, ngeneukwu what do u think?

Tell us your salary first

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Mbkite(m): 10:45pm On Mar 04, 2016

tosyne2much:
Tell us your salary first

Lol, we are talking abt percentage here.

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Mbkite(m): 10:48pm On Mar 04, 2016

chivic:
It should never exceed 35%

ok, thanx.

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by nabiz(m): 7:54pm On Mar 05, 2016

My houses rent is less than my average monthly income. I think your house rent should not be more than ur one month salary or income

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by nabiz(m): 7:58pm On Mar 05, 2016

chivic:
It should never exceed 35%

I think 35% is too much

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Mbkite(m): 8:52pm On Mar 05, 2016

nabiz:
My houses rent is less than my average monthly income. I think your house rent should not be more than ur one month salary or income

Nabiz, can u quote d maximum percent of ur income that u can allot to housing. Pls in percentage.

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by nabiz(m): 11:44am On Mar 06, 2016

Mbkite:

Nabiz, can u quote d maximum percent of ur income that u can allot to housing. Pls in percentage.

do u want to know how much I earn? It personal my brother. I am economical and will not allow my house rent to be more than my average monthly income because I have to save money for other things. I earn like a contractor but live like a primary school teacher. My friends even my wife calls me a stingy man and I don't care lol. For now I live in an average man room and parlor but well furnished

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Mbkite(m): 2:28pm On Mar 06, 2016

nabiz:
do u want to know how much I earn? It personal my brother. I am economical and will not allow my house rent to be more than my average monthly income because I have to save money for other things. I earn like a contractor but live like a primary school teacher. My friends even my wife calls me a stingy man and I don't care lol. For now I live in an average man room and parlor but well furnished

LOL. I'm not asking for hw much u earn, of course I knw it's personal. What I am asking here is d percentage of ur monthly salary/income you allot to housing. say, 10%, 20%, 30% etc.

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by omoalapata: 4:58pm On Mar 10, 2016

I believe 10 - 15% of your annual income should do the trick

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Mbkite(m): 10:17pm On Mar 11, 2016

omoalapata:
I believe 10 - 15% of your annual income should do the trick

I just feel d 10% is small, especially if u're staying in Lag, Abj or PH.

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by blackfm: 4:11pm On Mar 13, 2016

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.

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Mbkite(m): 2:47pm On Mar 14, 2016

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.

Nice 1

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by frankwells(f): 6:30pm On Mar 15, 2016

THEY CALL ME JAGABAN, I WILL BE CONTESTING FOR THE REPUBLIC PRESIDENT COME 2031

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by TopsyKrete: 6:31pm On Mar 15, 2016

Why you dey ask

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by joygrace647: 6:31pm On Mar 15, 2016

Mbkite:
Lol, we are talking abt percentage here.

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by pendusky(m): 6:31pm On Mar 15, 2016

5% should be okay...

But 60% If you are saving to build your own house.

1 Like

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by ladyF(f): 6:31pm On Mar 15, 2016

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. shocked

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 grin

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by obajoey(m): 6:31pm On Mar 15, 2016

All..

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by ngmgeek(m): 6:32pm On Mar 15, 2016

Are you planning to rob me

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by talk2riel: 6:33pm On Mar 15, 2016

chivic:
It should never exceed 35%

25% should be the worst case scenerio if you allow them 35% a banana island them go look for house

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by SIRKOL(m): 6:34pm On Mar 15, 2016

This is what u should do n I am sure it will help u. Pay TITHES to urself from any money that enters ur hand, I mean any amount.

1 Like

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by abumeinben(m): 6:36pm On Mar 15, 2016

For me, at most ur 2 months salary..

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by thecardinal(m): 6:36pm On Mar 15, 2016

Mbkite:

Thanx chivic.
I jst think there is a benchmark. A certain percentage one shouldn't exceed no matter what.

Max 30% of income

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Nobody: 6:37pm On Mar 15, 2016

See all of una mouths...you de abuja where self contain sef na least 250k..one room flat 450k...you're a federal government worker with 50k salary...wetin u wan save?? Do d maths

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Lexusgs430: 6:37pm On Mar 15, 2016

I still stay with my parents!!!

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Engrr(m): 6:37pm On Mar 15, 2016

nabiz:
My houses rent is less than my average monthly income. I think your house rent should not be more than ur one month salary or income

Your 1 month salary cannot give u a decent accomodation that befits your level in most parts of Nigeria, unless you are working in the village

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Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by TopsyKrete: 6:38pm On Mar 15, 2016

Is 30% too much?

Re: What Percentage Of Your Salary Should Be Allotted To Accommodation? by Obeenah(m): 6:38pm On Mar 15, 2016

Mbkite:

Thanx chivic.
I jst think there is a benchmark. A certain percentage one shouldn't exceed no matter what.

There is a benchmark which is 20% of your salary max. Anything above that means you are under what is termed "Housing Stress" in mortgage finance. You can go higher than the benchmark of up to 30% but never exceed that.

So if you earn N100k for instance you should never rent a house above 240k to 300k per annum.

Mind you this is assuming you dey rent house with facilities like running water and good power supply.

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