Be wise ooo, I don't think is a good idea am presently earning close to times 10 of that salary but still my rent is 200k per annum

yrs since u are not married

So you will be removing 25k from the 80k every month just for rent. You will be left with 55k, light bill and other utilities excluded

Yorubabyblood:
Rent within 100k
250k is on the high side

100k rent sef for uyo no be better house
Talk less of lag

Are you married if yes, then go for it, and if no, is not advisable ok look for cheaper lodge

Goodplace:
Please kindly advice on the topic.

Ideally your 2months salary should be able to settle your annual rent conveniently, anything outside this, you would be straining your cash flow.

My two months pay can pay my yearly rent with change remaining.
I no want wahala

If at most your two months salary can not comfortably pay for your one year rent,My Brothers and Sisters, that is not where you belong. Look for another accommodation.

Note: No be everybody where there in a hurry get appointment o...some get running stomach.

generationz:

This info is incomplete

Of course you can rent an apartment of 250k with 80k monthly salary. However you'll have to consider other things.

Feeding - how much it would cost you to eat every month. Do you buy your foodstuffs in bulk or you buy your meals from an eatery.

utility bills -Light , water, lawma etc.

Transport fair to and from work everyday

Dependents- parents, siblings , cousins , girlfriend(s) etc.

Savings- as a salary earner, you must save up part of your income. This will help you ,in case you loose your job or have an emergency

Get a piece of paper and a pen. Write all these expenses out. Calculate it.

Then, from whatever is left, calculate your rent. you'll know if you can afford all these expenses every month (comfortably) or if you have to tweak some things in your budget.

Remember, a monthly and yearly budget is very important if you want to live a stress free life.

nice budgeting bro

femi4:
Financial rule 5: Your rent should not be more than two times your monthly salary.

Salary: 80k

Your rent should not be more than 160k/yr

You get sense.

dat is me..wt wife n kid

Goodplace:
Please kindly advice on the topic.

Hi moderator, kindly look for 200k apartment and thank me later. The reason is that 250k per annum is more than your three months salaries.

Take care and regards

Any annual house rent that cannot be taken from your one month salary is too expensive for your level.

kestare:
Guys. This is literally my story.

I was on the mainland (Ijanikin, Close to Agbara and Badagry) and got a job on the island (Marina) that pays 85,000.

My transport every day was 1000 naira every day.

I would wake up 4:30am and by 5am I was at the bus stop. Anything more, and I would be late for work.

Every day I would spend about 5hours in traffic. Iyana Iba, Costain, Volks, Underbridge.

I literally was going through serious stress. Sometimes I would arrive at work looking and feeling exhausted.

Then I looked for an apartment closer to work.

I knew surulere would be my best best.

The minimum cost for anything decent is 300,000. The agents were not merciful, the Landlords too.

Then I got an apartment for 250,000 agent 60, agreement 60. Totalling 370,000.

Then my stress drastically reduced. Transport at the time reduced to about 500 back and forth.

I also cut down on all my other expenses.

Even tho it looked like I was working for three months to pay my rent. I was happy. I was more productive and I could do more with the extra hours I spent in the traffic.

There is no one size fits all advise in this case.

Lagos is a very crazy place and if you have been in the job market for a long time, you really do not have a lot of options when a job offer comes. You just have to start with the hopes for improvement.

Get your apartment, if it will cause you less stress.
But you must be very shrewd in your spending going forward.

Remember you will feed, pay utility bills, clothe and still send back home.

So.

I wish you well brother.

Ehyah, I understand how you felt then because I stay around that Axis, but honestly it so much better now. After they finished trade fair, barracks, you get a smooth ride from volks to mile 2 . It remains volks, Iyanaiba, and okoko if that is completed lots of peeps will be so happy.

I wonder how those who work on the Island from my side cope back then. It was really terrible oo.

Goodplace:
Please kindly advice on the topic.

Your rent shouldn't be more than 80*2 = N160k
Anything above that, you are into a rat race

Yes

You can spend up to 30% of your income on accommodation.

But the lesser the better

If I earn 80k, I cannot live in a house with an annual rent that is more than 90-120k per annum.

You should be earning 210k monthly to pay such annual rent...
...At most 15% of your Annual should normally go for rent.
Your rent should be between 100k and 120k

Yes bros, i rented a house of that same amount without a job, after 2 years i got a job of 50k.
How i manage to pay with 50k: ...... I divided the rent by 12 months so a month is abit above 20k so i made sure i keep 21k aside every month and manange with the rest this was my pattern for 3 years untill oluwa pick my call

I earn 213K per month n I live with my family in a 150K 2-bedroom flat. What r u doing in a 250K house? It's not economical bro.

Yes, you can. But plan very very well

Your annual rent should not be more than 2 months salary.

femi4:
Financial rule 5: Your rent should not be more than two times your monthly salary.

Salary: 80k

Your rent should not be more than 160k/yr

And the multipling factor reduces as your salary Increases, you shouldn't rent a house of Two Million just because you earn 1M

If you have one or two other hustles that give you some money, good, but if it is just 80k that you get at the end of every month, then it may not be too goo unless you are a financially disciplined person...

biggz82:
Yes bros, i rented a house of that same amount without a job, after 2 years i got a job of 50k.
How i manage to pay with 50k: ...... I divided the rent by 12 months so a month is abit above 20k so i made sure i keep 21k aside every month and manange with the rest this was my pattern for 3 years untill oluwa pick my call

This is suffering mode...
You try shaa

Goodplace:
Please kindly advice on the topic.

Your 2-3months salary should be able to effectively cover ur rent

let's pray god helps

Bros Cut your coat according to your cloth, not your size it would be suicide to rent an apartment of 250k with salary of 80k why because you will keep having difficulty in savings and others expenses would crop in. Unless you want to be cut corners @ your working place to meet up your demands.

You can, but it is very risky, I will prefer you go for between 150k-200k. Your rental fee shouldn't be more than one-fourth of your annual income. This would allow you to pay easily and conveniently. Remember, you have other expenses too. Welcome Bro

Dy4me2u:
Are you married if yes, then go for it, and if no, is not advisable ok look for cheaper lodge

What are you saying? Married man should rent an apartment of 250k with salary of 80k Bros I hail you ooo

Any house you are going to rent for a salary of #80,000 per month i will advice you should rent a house that your one month salary can pay for per annum. meaning your one month salary should be able to pay your annual rent so that you can still have 11months to play with the year runs out.

gbagyiza:
I earn 213K per month n I live with my family in a 150K 2-bedroom flat. What r u doing in a 250K house? It's not economical bro.

Depends on the state you are in ? I doubt this is lagos.

150k 2 bedroom flat. For where e dey?


Anyway guy depends on many factors. If the house is one bus or close to your office collect it sharp sharp. Leave all those 2 months principle matter.

The amount you spend on transport and stress can never be upto the 100k difference if you stay father away.

House near the office is the best option.