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How Much Of Your Salary Should Be Used To Pay Your Rent? - Properties (6) - Nairaland

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Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Rubbiish(m): 10:25pm On Jan 28, 2022
aikyg:

If your salary is a 100k, then you should be living in a 100k per annum house, if you want to get ahead in life. The problem is that a lot of young people are too proud to know where they really belong. If you are earning 100k, get a self contained or two rooms face me i face you for 100k. If you are earning around 300k get a one bedroom flat or a two room and parlour face me i face you. Don't go and spend your life working for a landlord. Your landlord does not deserve more than your one month salary. Please, be wise!!!

Also be careful. Some the people telling you that your one month salary cannot cover your rent are estate agent and greedy landlords. They are here to lie and deceive you. Be wise!!
This is not true!
Family men who are civil servants in this country are even earning less than 100k, do u expect them to stay in a self contain with their family? This your one month salary for house rent won't work for the low income & average earners! Which are the majority.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Rinoxy: 11:24pm On Jan 28, 2022
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!
That's just ur opinion.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Foscons(m): 11:30pm On Jan 28, 2022
Hmm, this is it. It's a rent to own
aikyg:


Financial expert peg it at 25-30% because they assume you are paying to own the house eventually. Understand the difference!
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by yusufdayo1: 12:18am On Jan 29, 2022
mattmogan88:


Please can you brief me on how you did it
Thank God for the gift of life. The logic is don't live above your means... All these happened from early 2018 to late 2020. I was working in a school then and I was receiving 10k but got sacked at the end of the month (we were 3 then that got sacked) on the basis of downsizing before I got the work of 13k/month.
I stayed in Agbowo (Ibadan) & my place of work was about 10mins trek. I do buy all my stuff from bodija market. I buy my food stuffs in bulk and I don't normally eat outside. I don't patronize boutique and above all


























I don't have a girlfriend thengrin

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Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Today007: 3:32am On Jan 29, 2022
I do 0.03% of my annual income. This lifestyle made me financially stable over the years. When I was a single lady with a month earnings of 130k I lived in a 3k room. From there i built my 1st house. Its a matter of choice.

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Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by aikyg(m): 7:23am On Jan 29, 2022
Today007:
I do 0.03% of my annual income. This lifestyle made me financially stable over the years. When I was a single lady with a month earnings of 130k I lived in a 3k room. From there i built my 1st house. Its a matter of choice.
My sister, God blessed you with wisdom. Thanks for sharing.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Itsrm(m): 7:28am On Jan 29, 2022
Today007:
I do 0.03% of my annual income. This lifestyle made me financially stable over the years. When I was a single lady with a month earnings of 130k I lived in a 3k room. From there i built my 1st house. Its a matter of choice.

That's 2.3% not 0.03. 0.03 is unrealistic
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by aikyg(m): 7:30am On Jan 29, 2022
siyeke2023:
My net monthly take home is about 265k, my rent is 350k. How am i doing?

You need to start looking for a cheaper accommodation, a better paying job or a side hustle. Good luck with your search.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Rinoxy: 8:57am On Jan 29, 2022
htdot:

30% is too much... your rent shouldnt be more that 23% of your annual income.
Still, this is just ur opinion, or better still your own reality.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Rinoxy: 9:16am On Jan 29, 2022
Earning about 130k now and paying 150k for rent, thinking of changing accommodation to 120k/130k rent.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Nobody: 10:26am On Jan 29, 2022
DEBUU:



It depends on the area, if you are in Onitsha good. 3-3 and Nsugbe is where you will self con 65 to 74k per year.

How's this possible ?
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Nobody: 10:27am On Jan 29, 2022
Rinoxy:
Earning about 130k now and paying 150k for rent, thinking of changing accommodation to 120k/130k rent.

Where's your location ?
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Rinoxy: 11:00am On Jan 29, 2022
chukwuma0000:


Where's your location ?
Kaduna.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by chukzyfcbb: 12:46pm On Jan 29, 2022
aikyg:


Financial expert peg it at 25-30% because they assume you are paying to own the house eventually. Understand the difference!

Stop trying to be clever by half. It's rent they are talking about not mortgage
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by hofeshhomes: 7:40pm On Jan 31, 2022
whodeyhere:


God bless this OP alot, I needed this the most at this time

Thank you. We have a video on Instagram and Facebook @hofeshhomes
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Misternas89(m): 10:06am On Feb 01, 2022
BigDawsNet:
1 week wages will cover my rent for the month

The rest and extra income goes to bills+food+savings+gifts
Baba show love reach my side oo. Happy new month BTW
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by BigDawsNet: 10:24am On Feb 01, 2022
Misternas89:

Baba show love reach my side oo. Happy new month BTW


I love you broda kiss

I love everyone here
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Misternas89(m): 1:13pm On Feb 01, 2022
BigDawsNet:



I love you broda kiss

I love everyone here
Chaiii see curving from my Oga.

1 Like

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by hofeshhomes: 2:44pm On Feb 02, 2022
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

cool
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Cloven22: 11:16am On Feb 03, 2022
Rubbiish:

I don't agree with u
Many civil servants with family living in flat are earning around 100k. This one month salary to cover rent is only applicable to those with good pay, not the average earners which are majority.

You are right jere. So many people already have whats taking their salary by the end of the month. Some people even have to borrow to pay their rent...its' not easy at all embarassed embarassed

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Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by hofeshhomes: 8:55am On Feb 04, 2022
Today007:
I do 0.03% of my annual income. This lifestyle made me financially stable over the years. When I was a single lady with a month earnings of 130k I lived in a 3k room. From there i built my 1st house. Its a matter of choice.

3k, like 3000 Naira per annum?

1 Like

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by DEBUU: 9:28am On Feb 07, 2022
chukwuma0000:


How's this possible ?
Very much possible, I have a friend that is paying such amount now
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by drmuchin: 11:38am On Feb 07, 2022
People are just here running mouth like kids. Have u considered other factors like transportation, security, access to good school for your children, banks etc.

1 Like

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by wealthtrak: 6:21pm On Mar 10, 2022
KelvinCoaster:
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!

Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Rinoxy: 10:37pm On Mar 10, 2022
KelvinCoaster:
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!

I think your formula is really on the high side. 33% is much.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by KelvinCoaster(m): 11:16am On Mar 11, 2022
Rinoxy:

I think your formula is really on the high side. 33% is much.
That is the bench mark on personal loan monthly repayment plan for salary earners. It is standardized to guarantee that a workers take home pay must at all times not exceed a loan servicing regime of more than 33.33333% monthly.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Rinoxy: 7:03pm On Mar 11, 2022
KelvinCoaster:

That is the bench mark on personal loan monthly repayment plan for salary earners. It is standardized to guarantee that a workers take home pay must at all times not exceed a loan servicing regime of more than 33.33333% monthly.
Now I agree since it's a benchmark that borders the limit of loan servicing for salary earners.

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Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by hofeshhomes: 8:07pm On Apr 25, 2022
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.



Thank you. We are glad you got value.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by hofeshhomes: 10:25pm On Jun 01, 2022
Thank you all.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by cori908: 4:21pm On Dec 04, 2023
Personally, I pay 25%. I think deciding how much of your salary to allocate for rent is a common dilemma. General advice, like the kind found in get flex reviews , suggests spending no more than 30% of your monthly income on rent. This allows for a balanced budget, ensuring you can comfortably cover other expenses. It's all about finding a balance that works for your financial situation and lifestyle needs.
Re: How Much Of Your Salary Should Be Used To Pay Your Rent? by Rinoxy: 11:48pm On Dec 04, 2023
KelvinCoaster:
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!

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