In the spirit of "cut your coat according to your cloth," I want to ask Nairalanders what percentage of a Person's income should be spent on rent. This came up because a friend of mine who earns N2m a year want to pay 500k PA as rent. My take is a person should not spend more than 10% of their annual income on rent. Or what do you think.

Im coming, let me think 1st

10%

Here in the west 30% of your income annual before tax is consider to be your annual rent, it's federal law. That is why it's called equal housing law. If one is on the low income, then the government pay the different in the rent. That was called low income housing buildings. Most of these housing as present incomes that can be leave in them. You could be paying $1200 for apartment (A) monthly when apartment (B) could be paying $400 according to his or her income.