It is up to you to decide how much of your wage should you spend on rent but ideally, it should not be more than 30% of your salary. So if you earn Rs 30,000, you should not spend more than Rs 9,000. Now this might vary based on the city you live in. When I used to live in Mumbai, I used to spend around 50% of my salary on rent and the same I had to do while living in Bangalore.
How Much of Your Salary Should You Spend on Housing?
As I mentioned, ideally 30% of your salary should be spent on housing. This excludes electricity and water bills. Now you can increase or decrease the amount at your convenience. If you live in a PG, you might need to spend just 15 to 20% of your salary. In fact, if you look for properties in remote areas, you might get affordable housing properties. But if you want to live in good properties, especially in societies, the rent will increase a lot. So as per your requirements and needs, you can decide where to live and how much you can afford to spend on rent.
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A report published in the year 2018 stated that 28% of Urban India lives in rented accommodation. Usually salaried employees have a monthly budget to stick to, they plan out in advance how they will spend their money. When it comes to renting an apartment, there are budget constraints, utility bill payments, daily expenses and miscellaneous expenses. So a common question which arises is how much of your salary should you spend on rent">If you are unsure if the rent asked by the property owner is legit or not, you can check out NoBroker Rentometer.
Just enter your location, building or apartment details and you will know how much rent you should pay.
I hope this answer was helpful.
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Authors Of The Question
How much of your salary should you spend on rent?
Meghna
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3 Answers
3 Year
2021-07-29T13:40:55+00:00 2021-07-29T14:02:13+00:00Comment
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