We are living in such a world where nothing falls in our range. Everything is becoming expensive with the time. It becomes very difficult to afford the necessities of life due to the increased prices. The staples required by a normal person are getting so expensive with every passing day that even a normal middle-class person thinks twice before going grocery shopping. In such hard times, people wish to live in a house that they own rather than living on rent. This is because the rent expense reduces automatically. This will automatically lower the level of expenses, and they will fall under your budget. In the following article, we get to know about How much rent can I afford? So please don’t skip the article from anywhere and read it carefully because it will be very useful for all of you guys.
How much rent can I afford?
Nowadays, it is very difficult to cope with increased inflation. This abrupt and uncertain rise in the price of everything has led people to sell their houses or their owned properties to gather money and do business to fulfil their necessities of life. Even to send children to a good school for education, people sell their owned houses to bear their education expenses.
Life becomes difficult when a person starts to live in a rented house. That particular thing is not made by your will or according to your wishes. This is somebody else’s house who wishes to sell it for rent. With the increase in the prices of everything, the rent of properties and houses has increased accordingly as I have stated that nothing is in the range of a middle-class man.
Rents of houses
The rent of every house is different depending upon the size and capacity of the house. The area in which the house is situated also matters a lot. If you have decided to take a house for rent in a posh area, you will have to increase your affordability range. Then comes the area in square yards. If the house is in a posh area and is 150 square yards or 200 square yards, the rent would probably be approximately Rs—20000 in Pakistan. If the house is big, the rent will increase accordingly. Therefore it completely depends upon your range and earnings.
How much should I pay for rent?
This is a tricky question because if you have a good income, you will like to live an extravagant life filled with all luxuries that one could wish for. House is one of them. According to a rough estimate, it is said that you should take out thirty per cent of your monthly income for rental payments. This is the appropriate amount for you to pay as rent.
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