hofeshhomes:

One month salary should house you for a year
Highest 2 months..

If your one month salary cannot pay your rent, then u need to change your house.

20% of my yearly income-that is like my 2months salary, rent in Abuja is not easy especially if you want a decent home. Na to build your own house sure pass ooo.

Mynd44:
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

30% to me is too much. If u are paid 200k, a rent of 720k is too much abeg.

What if u earn the minimum wage of 30k, should u pay rent of 108k?
I'd advice 20% at most

This is a good thread where people can learn. You can get a good advise from people who are blessed with wisdom and financial experts.

The information will help you plan yourself to avoid living above your incomes. If you can put pride behind - you will plan yourself to success.

Your rent should be 2 months salary at most. That way you have 10 month profit left for other expenses.

My annual rent is less than my monthly earning...

There are better things to do with money.

If you have to save to pay rent, you simply can't afford that house. Double your hustle!

k2money:
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.

How could you advise people when u admitted you never rented house in your life.

Keep to what you know better, don't advise on topic you know nothing about

CodedWealth:
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

True

obembet:
If your one month salary cannot pay your rent, then u need to change your house.

Nah, you need to increase your income.

Serviced Apartment please!!

1 month out of the 12 months

Your salary for one month should be able to pay your rent for one year. If your salary cannot pay your rent for one year, then you need to either find a better paying Job, a side hustle or a cheaper apartment.

I don't know though but as far as I am concerned, I start saving for my next rent the day I pay the current one.

So I don't really know how it goes.

But like you said if the salary is fixed the person shouldn't use more than two salaries to pay rent.

It'll only lead to pressure on the person.

I earn 650,000 a month. My house rent is 700,000 a year. Almost one and a half months of my salary goes to rent.

AlphaStyles:
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

So if someone has a business that generates income of 100k monthly and he needed an assistant to work with him...he should be paying the assistant more than he is paying himself?

manny4u:
20% of my yearly income-that is like my 2months salary, rent in Abuja is not easy especially if you want a decent home.Na to build your own house sure pass ooo.

True @bold
Rent dey chop person for abuja

Zero na, squatting is allowed. Or leave in your oga's house as he is your mentor abi?

Some of you never house hunt lately ,perhaps na em make Una dey misyarn .
House rent is on the high side now , agents are telling house owners to increase house rent that's why most houses are overpriced .
With 400k , you can hardly get a decent 2bed now especially in centralised areas for easy access to work .
People also want comfort for their family and not live in shanties called houses .
My best advice is to increase your earning and double your hustle

Calculate 33.33% of your monthly take home(net salary),multiply the figure by 12 months and that is what your house rent shouldn't exceed but if you are married,you need to do a summation of your spouse's annual take home(net salary) and calculate 33.33% of the figure,then add it to yours!
That is what your house rent shouldn't exceed too!

habakukjss3:


How could you advise people when u admitted you never rented house in your life.

Keep to what you know better, don't advise on topic you know nothing about

Thanks but I advise not putting it on anybody. If you keep 10% of your salary calculate that for 12 months isn't that enough to rent and have a peace of mind.

Financial Experts always peg it at no more than 25-30%.

if you earn 2million annually then you should ATMOST i.e the EXTREME not be in a house that cost 500-600k otherwise you are living above your means. The lesser you can bring this number down, the better for you.

Lagos people can sure relate

Skyfornia:


So if someone has a business that generates income of 100k monthly and he needed an assistant to work with him...he should be paying the assistant more than he is paying himself?

Why do u need an assistant when u are struggling, abeg no put people for suffer

Not more than 3 months. That's like 25% of your annual salary

For those that didn't own a house, may God give them, I really sympathize with them

To justify your earnings and savings/investment, your annual rent should not exceed your one month salary.

Itsrm:
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

Nice one

If your rent is anything more than your two months income, that house isnt meant for you.

FuckDModz:
My annual rent is less than my monthly earning...

There are better things to do with money.

If you have to save to pay rent, you simply can't afford that house. Double your hustle!

The bold can only work if u have a good monthly pay

2 months of ur monthly pay...
3 month max

As of today I'm using 60-70% to pay rent in this Lagos.

God!, I'm exhausted!!!

captainprogress:

Why do u need an assistant when u are struggling, abeg no put people for suffer

Calm down and make your point...no be fight.

Let's say I have a business and opened another business that requires a salesgirl, and the new business is generating less than 100k profit. How much am I supposed to pay the sales girl...or are you saying I shouldn't have opened the new business or hired a sales girl for the new business?