aikyg:
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 or a side hustle.

This is not realistic
Majority of Nigerians are earning around 100k to 300k. Saying only one month salary should cover rent is not realistic for majority

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?

maybe that 100k earner doesnt need an assistant

1 week wages will cover my rent for the month

The rest and extra income goes to bills+food+savings+gifts

Calibrator:
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.

There’s also Google with tons of advice on this topic from experienced financial experts

lokobyforch:
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!

back then when life they show me shege
I go rent hus of 150 per year
My salary nah 14800 minus tax

Omo year end i pack go my mama hus I nur fit shout
Thank God for life now

For Abuja here, most of our money goes into rent ..part why we dey vex,especially if na flat or sefcon(standard)na baba werey rent

I don't understand what people mean by 2 or 3 months salary cos what I spend on rent in Enugu is about 45% of my annual salary. If not for side hustle, person for don pack go villa. Imagine paying up to 500k for a 2---bedroom flat.

10% of your annual income.
Or 2 months salary.
Anything more, you will be going outside what is affordable based on your income.
Remember that you will pay for PHCN and PHCN bill can be as high as your monthly rent.
You might also pay for water, security, fuel for generator etc.
So.... 10% max of your annual income.

Let's support you to own that dream car or asset. Get across to us today 08090551830

Prechgold1180:
back then when life they show me shege
I go rent hus of 150 per year
My salary nah 14800 minus tax

Omo year end i pack go my mama hus I nur fit shout
Thank God for life now

Na d gospel truth be dat, unless u get where u wan dey thief dey balance up.

Skyfornia:


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?

Sorry if I sounded offensive, now u are making me understand that u don't intend living on this new business, if u are earning 100k profit u can as well pay 30-40k, mind u business increase as the day goes by, so u have nothing to worry about.

Nigerians are poor

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

My side hustle is more than what I realize in a month
Should I still now rent house base on what I earn as salary or I add it with my side hustle and take house

federal9:
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.

You are one of the luckiest nigerian.You don't know what God Almighty have done for us.some of us have served the government for 15years yet our salary is not up to 80k.We have wife and children and other relatives.This is one of the reasons some of us dey vex.

Only dumb people follow those rules.

If the rules were to be followed, most people in major cities around the world will be homeless not because they don't have money to pay rent.

Those rules are for the ideal world. The world is real, not ideal

Rubbiish:

This is not realistic
Majority of Nigerians are earning around 100k to 300k. Saying only one month salary should cover rent is not realistic for majority

Dont mind that chap, not sure he/she pays rent.

Rubbiish:

This is not realistic
Majority of Nigerians are earning around 100k to 300k. Saying only one month salary should cover rent is not realistic for majority

Bruv, I don't understand what you mean by MAJORITY of Nigerians earning up to 200-300k per what? Have you forgotten minimum wage? Hmm, many Nigerians in big cities like Abuja,, Lagos, etc live in shanties, shacks, ghetto3, slums, suburbs! A helluva lot! Check out during close of the day traffic direction. Thousands of cars, okada, keke heading out of the city center (with Quarters, estates, duplexes, apartment block, condos, pent houses etc) to those destination I mentioned. That's the Actual reallty. Majority of the guys and babes you see well dressed live in most of these low budget areas where rooms are gotten for as low as 3k per month Public house, so to say, and many are struggling even to meet up with that meager amount! Some people (guys and babes) like 2 to 3 in a single room ..most Nigerians live miserably o

lokobyforch:
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!

This sentence ' your rent should not be more than your 3 months salary'. Is it that you won't feed and do other necessary living expenses for 3 months and just transfer the money to the landlord?

Most people on salary Jobs are just working for their landlords year in year out.

Na people when dey receive salary above 200k fit use one month salary pay house rent for a year.Some of us have served the government for 15years,yet our salary never reach 80k.We have wife and children and other relatives.Some of us are posted to cities where things are very expensive,and yet the government don't want to do anything about it.Na God dey see us through if not I don't know how person fit survive.

Government apartments: 10 to 20%.
Private apartments: max 30%.
Labour unions, cooperatives, local
and state governments should invest in housing.

OgunkeelAllMod:
Bruv, I don't understand what you mean by MAJORITY of Nigerians earning up to 200-300k per what? Have you forgotten minimum wage? Hmm, many Nigerians in big cities like Abuja,, Lagos, etc live in shanties, shacks, ghetto3, slums, suburbs! A helluva lot! Check out during close of the day traffic direction. Thousands of cars, okada, keke heading out of the city center (with Quarters, estates, duplexes, apartment block, condos, pent houses etc) to those destination I mentioned. That's the Actual reallty. Majority of the guys and babes you see well dressed live in most of these low budget areas where rooms are gotten for as low as 3k per month Public house, so to say, and many are struggling even to meet up with that meager amount! Some people (guys and babes) like 2 to 3 in a single room ..most Nigerians live miserably o

That is the reality of life in nigeria.

TUTU147:
You are one of the luckiest nigerian.You don't know what God Almighty have done for us.some of us have served the government for 15years yet our salary is not up to 80k.We have wife and children and other relatives.This is one of the reasons some of us dey vex.

Are you a civil servant or a member of Nigeria police force , just curious ?

If you are paying more than your monthly salary as your rent per year, you need a rethink. You are living above your means. My honest and sincere opinion.

My rent is currently 8% of my income. I don't think anyone should cross 20% otherwise, you might not be able to save anything in a year as a family person.

My rent is less than 20% of my monthly income and it is a three-bedroom flat. But e far from the main road well well . Some people will visit me and be like, "the house is far from the major road." I tell them in my mind not to visit me, I no invite una. I can't afford to be working for the Landlord every year.

I live in a city where the closer the building is to a tarred road or a major road, the higher the rent. As if naa the Landlords build the road. Mtheew.

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!

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

FuckDModz:


Nah, you need to increase your income.

One has to give way though.

Truly, the one-month salary is the way to go.

Halo22:
I don't understand what people mean by 2 or 3 months salary cos what I spend on rent in Enugu is about 45% of my annual salary. If not for side hustle, person for don pack go villa. Imagine paying up to 500k for a 2---bedroom flat.

It's cheap na..come to Lagos

lokobyforch:
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!

You dey earn 40k and you dey feed with 20k and spend 8k on soap, cream, body spray, subscription and babe?

Makes zero sense. Cut that feeding down. Cut that 8k down too. Then pay your rent.

Life is all about compromise. Shelter is very important for your esteem and confidence. Avoid squatting if you're earning.

Even if na 5k a month room, take the room and maintain it. As a guy, you will get more toto if you have your own place. And you will also be more proud of yourself.

TUTU147:
You are one of the luckiest nigerian.You don't know what God Almighty have done for us.some of us have served the government for 15years yet our salary is not up to 80k.We have wife and children and other relatives.This is one of the reasons some of us dey vex.

he might be one those certificateless ,ill educated quota system thing you know, there are many of his kind in various ministries ,department and agencies,trust me. especially if na abok1 ..forget it, it got NOTHING to do with God, many things is wrong with the fraudulent setup called Nigeria. If you know, you know

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% is too much... your rent shouldnt be more that 23% of your annual income.

2 months salary max

TUTU147:
Na people when dey receive salary above 200k fit use one month salary pay house rent for a year.Some of us have served the government for 15years,yet our salary never reach 80k.We have wife and children and other relatives.Some of us are posted to cities where things are very expensive,and yet the government don't want to do anything about it.Na God dey see us through if not I don't know how person fit survive.

80k with family ..the Lord is your strength