Lagos Residents Spend 57% of Household Income on Rent – Report


Lagos Residents Spend 57% of Household Income on Rent - Report

A report by RENTCafe has disclosed that Lagos residents spend about 57% of household income on rent alone, making it the third most expensive city to live in among a list of world’s best cities to live and work in.

The report, which is based on the Cities of Opportunity study compiled by PricewaterhouseCoopers, says residents of Lagos are expected to cough up 57% of their monthly income for rent.

The average rent per month in Lagos is calculated to be $355 (N129,575) while average household income is said to be $625 (N228,125).

Kuala Lumpur in Malaysia is ranked as the most inexpensive city to live in among the group with residents expected to spend only 20% of their income on rent.

The five most expensive cities to live in are:

5. Paris – 46%

Rent per month: $1,600 (N584,000)

Household income per month: $3,442 (N1,256,330)

4. Los Angeles – 47%

Rent per month: $2,055 (N750,075)

Household income per month: $4,333 (N1,581,545)

3. Lagos – 57%

Rent per month: $355 (N129,575)

Household income per month: $625 (N228,125)

2. Manhattan – 59%

Rent per month: $3,725 (N1,359,625)

Household income per month: $6,298 (N2,298,770)

1. Mexico City – 60%

Rent per month: $720 (N262,800)

Household income per month: $1,208 (N440,920)

See RENTCafe’s list of World’s Best Cities for Renters-Rental Affordablity

# CITY MEDIAN HOUSEHOLD INCOME AVERAGE RENT / YEAR RENT-TO-INCOME RATIO PWC RANK
1 Kuala Lumpur, MY $22,400 $4,500 20% 20
2 Moscow, RU $29,200 $6,240 21% 22
3 Johannesburg, ZA $28,800 $6,480 23% 24
4 Bogotá, CO $24,900 $6,600 27% 26
5 Rio de Janeiro, BR $28,500 $7,560 27% 27
6 São Paulo, BR $29,100 $7,800 27% 25
7 Beijing, CN $31,000 $8,400 27% 19
8 Shanghai, CN $32,300 $9,060 28% 21
9 Sydney, AU $66,600 $19,200 29% 10
10 Milan, IT $42,800 $12,480 29% 18
11 Toronto, CA $60,500 $17,760 29% 3
12 Berlin, DE $45,800 $13,560 30% 12
13 Seoul, KR $48,500 $14,760 30% 11
14 Tokyo, JP $63,400 $19,800 31% 15
15 Hong Kong, HK $49,300 $15,600 32% 9
16 Madrid, ES $42,100 $13,680 32% 16
17 Stockholm, SE $43,100 $14,460 34% 7
18 Amsterdam, NL $50,500 $17,700 35% 5
19 Jakarta, ID $29,000 $10,800 37% 28
20 Chicago, US $50,700 $19,080 38% 13
21 Dubai, AE $80,800 $31,200 39% 17
22 London, GB $57,700 $23,280 40% 1
23 San Francisco, US $92,100 $37,800 41% 8
24 Mumbai, IN $18,800 $7,800 41% 29
25 Singapore, SG $100,500 $44,400 44% 2
26 Paris, FR $41,300 $19,200 46% 4
27 Los Angeles, US $52,000 $24,660 47% 14
28 Lagos, NG $7,500 $4,260 57% 30
29 Manhattan, New York, US $75,600 $44,700 59% 6
30 Mexico City, MX $14,500 $8,640 60% 23
Photo Credit: RENTCafe

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