Home/ Mumbai/Property Renting in Mumbai/How much of your salary should you spend on rent?
in progress0
Property Renting in MumbaiMeghna2 years2021-07-29T13:40:55+05:302021-07-29T13:40:55+05:301 Answer2579 views
Answer ( 1 )
-
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? I will be sharing my viewpoints with you on the same.
How much of your salary should go to rent?
Let us understand this with an example.
Suppose you have a rented apartment in Mumbai for which you are required to pay Rs. 17500 as rent monthly. Your total earnings are Rs. 50,000 p.m. Apart from the rent, you have to pay for water bills, electricity bills, wifi, groceries, etc. all of this amounts to approximately Rs. 15000 a month. You will be left with Rs. 17500 out of which you have to keep aside savings and look out for your daily commutation needs. Wouldn’t that be a stressful situation?
Financial experts say, you should spend just about 30% of your salary in rent and utility expenses. Therefore, going by that logic, if you earn Rs. 50000, you should spend Rs. 15000 barely.
Of course, you can best understand your needs and circ*mstances to decide the percentage you are willing to pay. But I would suggest every individual wondering how much rent should I pay based on my salary, to make a wise decision and make accommodating decisions for a better financial future.
Just enter your location, building or apartment details and you will know how much rent you should pay.
I hope this answer was helpful.
Book Best Packers & Movers with Best Price, Free Cancellation, Dedicated Move Manager
This is third
This is third
This is fourth
This is fourth
This is fifth
This is fifth
This is six
This is six
This is seven
This is seven
This is eight
This is eight
'; }document.getElementById('msection73941').innerHTML=var1;
Related questions
My office is in Hiranandani Park, Powai. Looking for a 2BHK unfurnished flat with a monthly rent of up to 30k. Can you share some good apartment complexes within 4-5 km of my workplace?
What is the Scope of Co Living Space in Mumbai?
What is the Pagdi system?
What is the Cost of PG in Mumbai?
अंधेरी में किराए पर रूम कैसे मिलेगा
