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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
