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