Holarmide:
I am married with 2 kids, and my wife's kid brother of 20yrs lives with me and he doesn't work. We live in a 3 bedroom flat estimated at 400 per year. Initially I was making 80k as salary and my wife makes 30k cos she is doing a weekend only job as she schools. Now I stopped work last month cos my office owes me 3 months salary n they refuse to pay. So Tell me, is the rent ok or am suppose to settle for something lesser?

[size=15pt]LOL[/size]

First of all.....how much is ur monthly salary?

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At most your one month salary should take care of your rent per annum. Anything more than that is not affordable.

In my opinion you should not us more than 1 and a half month's income to pay your house rent.

In my opinion you should not us more than 1 and a half month's income to pay your house rent for a year so that you can have 10 and a half months to save the next year's rent and still be able to meet your family's responsibilities.

Holarmide:
I am married with 2 kids, and my wife's kid brother of 20yrs lives with me and he doesn't work. We live in a 3 bedroom flat estimated at 400 per year. Initially I was making 80k as salary and my wife makes 30k cos she is doing a weekend only job as she schools. Now I stopped work last month cos my office owes me 3 months salary n they refuse to pay. So Tell me, is the rent ok or am suppose to settle for something lesser?

Your salary is 80k and you live in an apartment of 400k per year. You will keep on paying landlord for the rest of your life. 400/80 =5. So you use 5 good months salary to pay for your house rent? Mr man you don't have a vision. Sorry to say. You better go for a cheaper accommodation before you land yourself to poverty.

By the way how do you feed, pay your children school fees and other expenses? Please cut down you excesses. It is just too much. Go for a house of at most 200k.

For me, if you two month salary can't pay ur rent, brother get a cheaper accommodation. And even if it exceed 2 month salary brother let it not pass ur 3 month salary. So from dat u can calculate the percentage in each month. Thank.

BADNEAT:
lolz..plenty people oo..oya come abuja mk I show u


LadyF9 which course u get F9 ni?

lol na almost all the courses. Dem no even pity me give me C

mevisbleek:
Well, 15% is ideal Mr op.
My household income (Wifey and i)= 10,975,250.66

Yearly rent : 1,200,000

Children = 2

House girl= no

Driver = no

Cars= 1. Drop me I drop u

You can go as high as 30% but you would have to cut back on some fun stuffs

Bros, which kin work you dey into...
1) Na rim u dey throw
2) bunkering or
3) you be polithiefian?
Hook me up abeg

lastmessenger:
Am looking forward to seeing how you look. Good thought though.

hehehe please don't o biko.....LadyF no fine

shocker007:


Oya Take IT!

︻╦╤─ =========== LadyF

ahhh ahhh ayaf die. *falls to the ground*

Lol reminds me of nollywood movies

BADNEAT:
and spend the rest on trans abi..

well, you can calculate how much your tfare+housing will be for the year for different locations and try to find a balance...

nabiz:
My houses rent is less than my average monthly income. I think your house rent should not be more than ur one month salary or income

are u staying in a zinc house

which kind thing

8yrs ago: salary 25k, rent 100k 33%
7yrs ago: salary 75k, rent 250k 27%
6yrs ago: salary 80k, rent 350k 36%
4yrs ago: salary 200k, rent 400 17%
2yrs ago: salary 400k, rent free 0%
Today: salary ----, rent 3M+


Aduraaaaa...!!

Baba God o... emi naa fe ra Range o...
To be continued.

Holarmide:
I am married with 2 kids, and my wife's kid brother of 20yrs lives with me and he doesn't work. We live in a 3 bedroom flat estimated at 400 per year. Initially I was making 80k as salary and my wife makes 30k cos she is doing a weekend only job as she schools. Now I stopped work last month cos my office owes me 3 months salary n they refuse to pay. So Tell me, is the rent ok or am suppose to settle for something lesser?

What you have just said is that at present, your total family income is #360k (from your wife's). And you have a house rent of #400k a year. Bros, how do you make up for the balance of #40k?

BADNEAT:
See all of una mouths...you de abuja where self contain sef na least 250k..one room flat 450k...you're a federal government worker with 50k salary...wetin u wan save?? Do d maths

Thanks, bro...I've been looking forward to an Abuja resident to comment.

Almost half of the people in Abuja work for their landlords. Sometimes I sit and wonder why accommodation is so expensive in Abuja.

TopsyKrete:


Bros, which kin work you dey into...
1) Na rim u dey throw
2) bunkering or
3) you be polithiefian?
Hook me up abeg

What is rim? Polithiefian?
I work for Opus Stewart Weir. I can try to hook you up, do you have a cumulative cgpa of 4.7/5 or higher? If yes, send me your resume. What your major?

The average rent percentage is 20%....if you decide to do more than that,you are stressing your income..Though you may go beyond the 20% if you have a short plan but do not allow it exceed 24months
During salary vomputation mix,housing does not exceed 20% but it may b lesser if on higher pay

Lange:
Wherever you live secondein Naija, you should not spend greater than 10% of your yearly income on accommodation. Won't you save for other things? Investment, building your own home, marrying and training up your kids. Remember there's always a part of the city that will accommodate you whatever level you choose.

Seconded

viewflux:
using your monthly salary to make your rent calculation is wrong, it is best to use percentage of your salary to make your calculation.
15%(upper limit) of your annual salary is the idea rate if you want to make progress very fast so that you can build yours in the nearest future. but my rent is 11.5% of my annual. that is y i do not care when my dad said i am paying too much for rent. i know that i am within limit.

My younger brother who earns 70k per month used his monthly salary to make his calculation, he is staying in a 2 bedroom flat and paying 150k/yr( 2 months plus salary), i called him and advise that he uses percentage instead but he refuse that he will meet up but the truth is that, he is currently under pressure to pay the next rent in few months time. especially when the year ends with you achieving anything for yourself.

Its about living comfortably withing the percentage limit so that you can make progress and also render assistance to family member/few friends if need be.

My humble submission.

150k/year?
U don't live in Lagos right?

Mbkite:
I am working seriously on increasing my savings "I don too blow money"
pls nairalander, what percentage of salary is advisable to allot to accommodation?

Thank you!

OP, it's very simple to calculate.
Divide your annual house rent by 12(No of months). Your answer will give you your monthly pay.
With your monthly pay, find the percentage in relation to your monthly salary. That's what you should save.

Example:
Annual House rent= #350,000 ÷ 12 = 29166.67 (Approx. to 30000)
Monthly Salary = #120,000
Percentage %= (30,000/120,000) x 100 = 25%
Therefore, you'll have to save 25% monthly to pay your rent of #350,000 yearly.

#My take

Well before i got married last year rent comsume 0% but now it comsume the large percentage of 33.7%.

Thank God my house is near completion

Do not take an accommodation that the annual rent exceeds 3months of your salary.

ladyF:

lmao abeg it's from father's house to husband's house o...who bf help?

It's LadyF9

AMEN SISTERRR

mevisbleek:
Well, 15% is ideal Mr op.
My household income (Wifey and i)= 10,975,250.66

Yearly rent : 1,200,000

Children = 2

House girl= no

Driver = no

Cars= 1. Drop me I drop u

You can go as high as 30% but you would have to cut back on some fun stuffs

That's quite high....then again people tell me I'm thrifty.

My rent is less than 300k, approx 2% of my annual, no car, no wife ... Public transport and Vaseline are both fine for now. Man don suffer....lol

10 percent should be okay. Any work you are doing and 10 percent can't be okay for accommodation. You another job or need to relocate

to be sincere with you guys, u are wasting money on accommodation. when I started working in my salary was 40k/month and my rent per year was 36k/yr. yrs later I got another job of 60k/month my rent still 36k. then moved to 70k yet my rent still remain the same 36k/yr. earning uptown 100k am still there. I stay in a room/palour with toilet and bath only kitchen shared with water. I got married there, had two kids there and am still there but by year end, I will move to my house(3bed). I have upto 7plots of Land 1 had been developed 1 on foundation level. note my wife is not working...my personal decision not until now she took up teaching job. I maintained a family of 4 for years.....without borrow, all with what I earned. since I got married we had been buying pure water 11 bags every week at the rate of 600 naira for 5 years... couple with other expenses..do the math.

As a man, never give lanlalord two month salary....is not good.

Set aside your 3 months basic salary for your annual house rent. If it cannot pay your rent, then you are living above your income.
3months

akeensbussy:
to be sincere with you guys, u are wasting money on accommodation. when I started working in my salary was 40k/month and my rent per year was 36k/yr. yrs later I got another job of 60k/month my rent still 36k. then moved to 70k yet my rent still remain the same 36k/yr. earning uptown 100k am still there. I stay in a room/palour with toilet and bath only kitchen shared with water. I got married there, had two kids there and am still there but by year end, I will move to my house(3bed). I have upto 7plots of Land 1 had been developed 1 on foundation level. note my wife is not working...my personal decision not until now she took up teaching job. I maintained a family of 4 for years.....without borrow, all with what I earned. since I got married we had been buying pure water 11 bags every week at the rate of 600 naira for 5 years... couple with other expenses..do the math.

As a man, never give lanlalord two month salary....is not good.

Do you work in lag?

mevisbleek:



What is rim? Polithiefian?
I work for Opus Stewart Weir. I can try to hook you up, do you have a cumulative cgpa of 4.7/5 or higher? If yes, send me your resume. What your major?

I have a GPA close to that... I major in Geoscience and HSE