Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,887,496 members, 6,940,174 topics. Date: Thursday, 30 June 2022 at 02:07 PM

How Much Of Your Salary Should Be Used To Pay Your Rent? - Properties - Nairaland

Nairaland Forum / Nairaland / General / Properties / How Much Of Your Salary Should Be Used To Pay Your Rent? (23563 Views)

Can A Salary Of ₦100k Sustain A Decent Apartment In Lagos? / How You Can Resolve Your Rent Issues With Landlord During COVID-19 / How To Pay Your Rent With Ease! Introducing Paymyrent.ng Savings (2) (3) (4)

(1) (2) (3) (4) (5) (6) (Reply) (Go Down)

How Much Of Your Salary Should Be Used To Pay Your Rent? by hofeshhomes: 5:35pm On Jan 16
A guide on how much of your income should be used to pay rent.

If your salary or fixed income is 40,000 Naira per month, for example, you shouldn't live in a house where the rent is 80,000 or not more than 120,000 Naira (the lower the better).

This helps you not to live above your means. Your landlords and landladies deserve their rent in due time.

This doesn't apply to those living abroad who pay rent monthly and business people.

23 Likes 6 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by KillIgbohoN0W: 5:55pm On Jan 16
Not more than 3 months' salary.
Anything more and you're living beyond your means.

134 Likes 10 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by hofeshhomes: 9:57am On Jan 25
Source: https://hofeshhomes.com/2022/02/02/how-much-of-your-salary-should-be-used-to-pay-your-rent/

You can bookmark our blog for real estate tips like this.

Hofesh Homes and Property Development Ltd.

20 Likes 6 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by naijadrivablog: 9:24am On Jan 28
Wow! Nice. I know someone who pays his rent with his 5 months salary and it isn't easy with him. I told him to look for a cheaper house but he wants to bambam in a nice neighborhood while sapa de hold am. wink

cc: lalasticlala, mynd44, lawyer

124 Likes 7 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Mynd44: 11:26am On Jan 28
Your rent should not Be more than 30% of your annual income. Anything else is a waste of time except you want to be hiding from your landlord

And you should always removed the 30% immediately you get paid. Save it is piggyvest, cowrywise or those banks that allows you do targeted savings

93 Likes 6 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Itsrm(m): 11:37am On Jan 28
My rent is 5.3 percent of my annual salary and 3.1% of annual income.

This has made me the darling of my landlord because I find it easy to pay and pay him promptly

84 Likes 2 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by slawormiir: 11:37am On Jan 28
Damnnn niggarrrr
Isoright

jojofola:
Make una leave all this kind talk abeg

Let people live whichever life suits them, no be pikin dey rent house.
I just tire for them

18 Likes 4 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by NotKnown: 11:37am On Jan 28
2 or 3 months salary should be the highest you should spend.

21 Likes 4 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Calibrator: 11:38am On Jan 28
God bless whoever created this thread....

Went house hunting this week.
I purposely went through the forum archives on Wednesday to search for this exact topic and read through 16 pages of insightful contributions.



Getting fresh perspectives on this new thread won't hurt.

54 Likes 4 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by jojofola: 11:38am On Jan 28
Make una leave all this kind talk abeg

Let people live whichever life suits them, no be pikin dey rent house.

55 Likes 1 Share

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by lokobyforch(m): 11:38am On Jan 28
How u go rent house when u dey earn 40k, my friend go follow person stay jare.

Transportation- 8,000(20%)

Feeding- 20,000(50%)

Soap, cream, body spray, subscription, babe- 8,000(20%)

Savings( Incase u dey sick)- 4,000(10%)

Simply put; u never reach to rent hoz.
Who u dey impress!

99 Likes 6 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by CodedWealth(m): 11:38am On Jan 28
Well following the normal money rule,

It is stated at 30%..

But in reality, divide your rent into 12 and save 1/12 monthly...

And this should be your tradition monthly...

Let's see my rent is 100k

And I am doing a job of 100k per month...

I'm supposed to save at least 8K monthly

For rent...



If your rent is above 30% of your salary monthly, then indirectly you are working for the house owner whether you aware of it or not

75 Likes 3 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by costandi(m): 11:38am On Jan 28
10% for me o

2 Likes 1 Share

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Ademola47(m): 11:39am On Jan 28
That's for salary earners that earn 'salary' alone. But you see those civil servants in local government, ministries, tertiary institutions, their own rent is usually like 4-6 months salary.

How do you explain a police constable earning 48k monthly and paying 220k for 2-bedroom flat? Or the level 8 Civil servant earning 70k paying 300k for Room & parlour self contain I a rush area.

27 Likes

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by razzydoo(m): 11:40am On Jan 28
0.00126543%
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by YorubaKing: 11:40am On Jan 28
Ojuelegba underbridge be rent free na grin

4 Likes 2 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Michelle70(m): 11:40am On Jan 28
Use the 50:30:20 strategy

3 Likes 3 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by diplomat058(m): 11:41am On Jan 28
If Rent is above 40% of your income, you may be unknowingly living for your Landlord/Lady. Hmm

3 Likes

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by bobbiiee: 11:41am On Jan 28
For me, it should not be more than 2 months for salary earners . If it's more than that, how will you plan for further studies, having your own place, taking care of your family.

Some of us stay in houses cheaper than what we can afford so as to accommodate plans for other areas.

29 Likes 2 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by snoopz: 11:42am On Jan 28
4 months salary should be enough anything more than that will need another source of income because of other miscellaneous expenses
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Sucolee(m): 11:42am On Jan 28
Na house rent dey make Lagos boys broke

6 Likes 3 Shares

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by k2money(m): 11:42am On Jan 28
I never rent a house before, I was from my dad house to my house but if am to advise anybody, it should not be more than 10% because you still have a lot expenses in the money.

11 Likes 1 Share

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by yatix32282: 11:42am On Jan 28
At least 20%
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Femich18(m): 11:42am On Jan 28
We were told you shouldn't live in a house that 2months salary can't pay it's rent.
3 months may still be ok to some people but anything above that is a disaster

6 Likes 1 Share

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Decentdave(m): 11:42am On Jan 28
R
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by AlphaStyles(m): 11:43am On Jan 28
I think its high time salary below 50k is abolished in this country no be work again na suffer no rest morning and night and at the end u get paid peanut seriously na slavery dy go on for this country

15 Likes

(1) (2) (3) (4) (5) (6) (Reply)

"Fire Burnt Down My Mother's Shop And All My Family's School Certificates" - Man / Land, Houses For Sale @ Magboro (makógi, mápárá Etc @ Back Of MFM Prayer City) / 5 Signs You Need To Move Out

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 67
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.