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Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does - Properties (11) - Nairaland

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Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Rinoxy: 8:18pm On Nov 19, 2022
Faposky95:
Why all these contraptions
Na by God's Grace we dey eat, sleep, pay rent, send child..ren go schu.... hold madam, escape creditors, catch debtors, cheat for work, pay offering.... And so on

No be God's grace wey I know o! Na u know wetin u dey use cheat for work. O.y.o.
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Rinoxy: 8:33pm On Nov 19, 2022
Sexydevil:
My salary is 500k, my annual rent is 180k. No much expenses plus I get free fuel from my company/ other salivating benefits.

Life is kinda soft.


Funny enough I was unemployed some months ago.
God over everything. #mytestimony
GOD over everything, period!!

3 Likes

Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Faposky95: 8:53pm On Nov 19, 2022
Rinoxy:

No be God's grace wey I know o! Na u know wetin u dey use cheat for work. O.y.o.

You guilty....?!
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Rinoxy: 8:54pm On Nov 19, 2022
Faposky95:


You guilty....?!
Not at all sir, by GOD'S grace.
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Faposky95: 9:03pm On Nov 19, 2022
Rinoxy:

Not at all sir, by GOD'S grace.

We seem to forget that salary no dey sustain...
Ask, wat do ppl do to take end's meet

I mean most are guilty of small crimes...luckily many are, so who cares...?

But if Na politican, every go dey call am corruption

Don't feign ignorance
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by EmperorVamo: 9:16pm On Nov 19, 2022
I live in Lagos
My annual Rent is 30% of my Monthl my Income

Meaning I can pay my yearly rent thrice from my one month income

Funny part is , my rent is close to 1Million Naira , I would have loved to pay for 3 years in advance, but I’m scared of Nigeria and I don’t feel safe in this country anymore
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by EmperorVamo: 9:19pm On Nov 19, 2022
Sexydevil:
My salary is 500k, my annual rent is 180k. No much expenses plus I get free fuel from my company/ other salivating benefits.

Life is kinda soft.


Funny enough I was unemployed some months ago.
God over everything. #mytestimony

Lol, almost like my story

As at march this year I was unemployed and totally broke …… fast forward to today

Rent : N870k
Monthly Income : $2,000

2 Likes 1 Share

Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Jayneck: 9:35pm On Nov 19, 2022
Rinoxy:
Salary 130k
Rent 150k
Transport to work 100-140 daily(to n fro)
Location, Kaduna.
u fail to add ramsom 5million per head. I rather die in a room and parlor self of 400k in and a job of 150 with transportation of 2200 going and coming per day in Lagos than what you just quoted up there kaduna.
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Rinoxy: 9:58pm On Nov 19, 2022
Faposky95:


We seem to forget that salary no dey sustain...
Ask, wat do ppl do to take end's meet

I mean most are guilty of small crimes...luckily many are, so who cares...?

But if Na politican, every go dey call am corruption

Don't feign ignorance
I'm not ignorant of the obvious sir.

Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Rinoxy: 9:59pm On Nov 19, 2022
Jayneck:
u fail to add ramsom 5million per head. I rather die in a room and parlor self of 400k in and a job of 150 with transportation of 2200 going and coming per day in Lagos than what you just quoted up there kaduna.
Well, since I was born here in the early 80s till now, GOD has been protecting me and mine.

1 Like 1 Share

Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Jayneck: 10:10pm On Nov 19, 2022
Rinoxy:

Well, since I was born here in the early 80s till now, GOD has been protect me and mine.
may he continue to protect you and everyone in this country no where is save actually, but that your kaduna fear me pass
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by vico4luv20(m): 10:19pm On Nov 19, 2022
There are two ways to determine
1) Below 30% of your monthly income
2) 50/30/20 Rule

Read and lemme know what you think


In this article, we’ll go over how much of your income you should be spending on rent and why. Keep reading for all of the details or navigate to the sections that interest you most by clicking on any of the links below:

What Does Rent-to-Income Ratio Mean?
What’s the Ideal Rent-to-Income Ratio for a Tenant?
How Do You Calculate Rent-to-Income Ratio?
How Much Should I Spend on Rent?
Conclusion
What Does Rent-to-Income Ratio Mean?
The first step in deciding how much you should spend on rent is calculating how much rent you can afford. This is done by finding your fixed income-to-rent ratio. Simply put, this is the percentage of your income that is budgeted for paying rent.



If you have a high rent-to-income ratio, this means that a significant amount of your total monthly income is going straight to rent. If you have a low rent-to-income ratio, on the other hand, this means that only a small chunk of your total monthly income is being used to pay rent. Generally, the lower your rent-to-income ratio is, the better, as this indicates a greater degree of financial freedom and flexibility.

What’s the Ideal Rent-to-Income Ratio for a Tenant?
30% is widely considered to be the standard rent-to-income ratio. If you’re spending 30% or less of your monthly income on rent, then you’re most likely in a healthy financial situation. When you spend more than 30% of your income on rent, you may find yourself limited when it comes to spending on other expenses and putting away money into your savings. As you become too overburdened by housing expenses, you may become house poor.
How Do You Calculate Rent-to-Income Ratio?
Figuring out your rent-to-income ratio is a fairly simple process. You’ll just need to plug the appropriate values into the following equation:

[Monthly Rent] / [Gross Monthly Income] x 100 = Rent-to-Income Ratio %



To further illustrate how it works, let’s take a look at an example of how to calculate rent-to-income ratio. For this example, we’ll say you have a gross monthly income of $4,000 and are considering moving into an apartment with a monthly rent of $1,500.

[1,500] / [4,000] = 0.375 x 100 = 37.5%

So, in this scenario, your rent-to-income ratio would equal 37.5%, which is a bit high. With this in mind, you may want to consider renting a less expensive apartment or start thinking about ways to lower your other expenses.

50/30/20 Rule
After you’ve set a fixed income-to-rent ratio, consider the 50/30/20 rule to round out your budget. According to this popular budgeting rule, 50 percent of your income goes to essentials, 30 percent goes to non-essential, personal expenses, and the remaining 20 percent goes to savings and investments. In this case, rent falls under “essentials.” Also included in this category are any expenses that are absolutely necessary, such as utilities, food, and transportation.



Let’s consider a hypothetical situation in which you make $4,000 per month. Under the 50/30/20 rule, you would have $2,000 (50 percent) per month to spend on essential living expenses and groceries, $1,200 (30 percent) to spend on non-essential living expenses — such as going out to eat or entertainment — and $800 per month to put towards your savings account, retirement accounts, and other investments.


Oyindamolah:
Your annual rent shouldn't exceed your two months salary. If it does, you're in the wrong apartment.

2 Likes

Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Joseph1505(m): 11:10pm On Nov 19, 2022
Cutehector:
bros, it's not everybody that will be doing copyrighting jobs. If you are good at it then thank Your Maker and keep quiet.

There are still people out there who make 100 times more than you do and will not come out here to brag.
No I am not bragging
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by chukzyfcbb: 1:07am On Nov 20, 2022
Positivepoint:



150k+52k=202k
300k+15k=315k

Difference 315k-202k=113k

Simple maths, see as u take embarass yourself
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by AmehHAS: 1:49am On Nov 20, 2022
Kirchoffs:
Room and parlor , magodo

In magodo, could you please link me up with an agent that could get me this kind of apartment for that amount. Thanks
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by 18wheeler: 2:46am On Nov 20, 2022
LordReed:


Makes sense that you can do that over there.
Yes. I stay apart from my family. But I still keep the two rents within a months salary. It’s easier to achieve that up here to some extent.
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by AmeLonRo(m): 5:59am On Nov 20, 2022
This topic is the ideal thing.
But life is not really ideal in any way.
Make sure of one thing.
Make yourself happy.
Eat and enjoy the fruit of your labour always.
You may not be able to change other people but you can change yourself and the way you react.
Ýour attitude is key to your happiness in life.

https://www.youtube.com/watch?v=D6hE0ueMAz0
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by 10kgod(m): 6:47am On Nov 20, 2022
A thread for salary earners
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by donhils: 7:08am On Nov 20, 2022
Your theory makes no logical sense. You can pay for cheap apartment and waste all your resources on other environmental factors or you can be in a place with higher rents with reduced expenses in external factors
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by ProfessorAlex: 9:58am On Nov 20, 2022
sageb:


Are you a Tuskite?
Yeah, final year..

1 Like

Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by bigiyaro(m): 11:11am On Nov 20, 2022
pstemma1990:
not at all, from Maraba u will see a good one, I'm currently staying around masaka, u need to see how spacious the room is, and it's 60k per year.
una dey get light? I like that area but light and traffic is the main turn off for me.
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by pstemma1990: 11:36am On Nov 20, 2022
bigiyaro:
una dey get light? I like that area but light and traffic is the main turn off for me.
light is not too stable, 2 days on and 2 days off
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by MelesZanawi: 11:40am On Nov 20, 2022
Allisgud:
malu shebi the whole v.i na resident

You are a dunce. Your posts are even contradicting themselves. grin
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by SeunOluwafemi: 12:18pm On Nov 20, 2022
IyaTola:
My yealy rent is about 22% of my annual income. I live in a 2 bedroom apartment in Alimosho LGA, Lagos. The environment is decent and I look forward to becoming a landlord in the same area. All the other tenants knew somehow that I don't belong among them. Living below your means is possible sometimes but the pressure is high & I wasn't "really comfortable" either. All depends on you & your goals.

Nigeria will humble you..the cheap house you're looking for does not have vacancy in the location where you work, now what do you do? and even the pay for the job can't meet your needs 50%..the system is happening to all of us, that's just the truth.. how many jobs pay over 100k today
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Rinoxy: 1:08pm On Nov 20, 2022
Jayneck:
may he continue to protect you and everyone in this country no where is save actually, but that your kaduna fear me pass
Amen and amen.
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by shegz24(m): 7:05am On Nov 21, 2022
ednut1:
All these useless standards. Then you spend 4 hours in traffic, sleep deprived, slowly kill your mental and physical health etc. abeg make una rest
Funny enough, I actually spend 4hours on transportation daily but the reason why I havent gotten a more expensive place close to the office is because I dont even like the job.
So although getting a new place close to the office will be less stressful on me, it will also be like investing a large chunk of money into a job that i cant wait to leave.

1 Like

Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by IyaTola: 8:44am On Nov 21, 2022
Isheri towards Igando or Egan axis
juliusijidola:

Hi , What area would you suggest, someone stays in alimosho LG thats decent ?
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by IyaTola: 8:45am On Nov 21, 2022
undecided
Bunkbars:
[/b]All the other tenants knows, you don't belong among them[b], like seriously?

If you don't have, you don't have!! all this one you are saying is trash. All other people, or rather people you feel they think, you don't belong among them don't care. You don't just earn much to live a comfortable life. It's simple, which one is people you live among, knows you don't belong among them undecided..
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by IyaTola: 8:46am On Nov 21, 2022
Cantonese:


“ The environment is decent and I look forward to becoming a landlord in the same area. All the other tenants knew somehow that I don't belong among them…”. Yet you live among them and want to be a landlord in an area with people wey no be your level.

Bros Sis that your packaging no balance to me na.
Says who, I will be a landlord in few years time by God's Grace.
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by IyaTola: 8:47am On Nov 21, 2022
Good
Rinoxy:

My yearly rent is 9.61% of my annual income.
I don't see it as living below my means. Other bills are there.
Re: Your Annual Rent Shouldn't Exceed Your Two Months Salary. If It Does by Parachoko: 1:25pm On Nov 21, 2022
Rinoxy:

Well, since I was born here in the early 80s till now, GOD has been protecting me and mine.
You shouldn't have reply that person wey quote. He's so Ignorant.

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