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Salary 8.5K - how much should I pay for rent?

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LisaBen
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Salary 8.5K - how much should I pay for rent?

Post by LisaBen » Fri, 05 Feb 2016 11:51 am

Hi all,

Since I've been getting good tips and suggestions from here. I thought I would ask for some opinions about how much rent should I pay.

I worked for international company and got paid around $8.5K per month. I'm looking for 1 bedroom flat here but not quite sure how much to spend. Seems like people pay a large proportion of their income to housing here. I'm looking at a place around $2.8-$3K. Am I living beyond my means? It seems really expensive compared to what I paid back in London, 35% of income going to housing..Ouch!. Or should I move out of central and get a cheap place and commute in and save a bit of money. Hard decision :o

What do you guys think, appreciate any comments on this =)
Last edited by LisaBen on Fri, 05 Feb 2016 12:52 pm, edited 1 time in total.

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zzm9980
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Re: Salary 8.5K - how much should I pay for rent?

Post by zzm9980 » Fri, 05 Feb 2016 12:32 pm

No sure what an "internal" company is. Your salary is pretty good, above average.

We don't know your other expenses, so hard to say if it is beyond your means. Some people making the same salary may find that rent beyond their means, others may find it within their means. I know people making less than you that pay (a lot) more for rent, and I know someone who makes double your salary renting a room in an HDB for less than 1k a month.

Can you pay all of your expenses, budget for holidays and fun, and still save money every month? (On your salary I'd target at least 1-2k savings). If yes, great, you're 'within your means'. If not, find a cheaper place. (Or find a cheaper place anyway if they meet your other criteria for where you want to live and cost less).

LisaBen
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Re: Salary 8.5K - how much should I pay for rent?

Post by LisaBen » Fri, 05 Feb 2016 12:54 pm

Thank you zzm9980. I mean 'International company' sorry typo!.

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Re: Salary 8.5K - how much should I pay for rent?

Post by rajagainstthemachine » Fri, 05 Feb 2016 1:03 pm

I've seen a few one bedroom apts ( box type condos) fall in the range of 2300 - 2800. your salary range is quite comfortable for an expat to live here. Like ZZM pointed out you could also live in a room if you wanted to and save more.
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Re: Salary 8.5K - how much should I pay for rent?

Post by PNGMK » Fri, 05 Feb 2016 1:07 pm

Nothing. Shack up with some bloke and get him to pay. At least that's what most of the women in my life have done.
I not lawyer/teacher/CPA.
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Re: Salary 8.5K - how much should I pay for rent?

Post by BBCWatcher » Fri, 05 Feb 2016 2:21 pm

Even if your housing costs are affordable, within your means, that doesn't mean you must incur those housing costs. If you can reduce your housing expenses and still meet or exceed your wants and needs, then you should do so. Why overpay for housing (or anything else)? There are far too many people that operate as if some magic percentage number is both a ceiling and a floor, but it's at least not a floor. PNGMK just provided one example, but it isn't the only one. ;)

Our household recently reduced its housing costs with a move. The prior costs were entirely affordable for us, but we met our housing wants and needs with a lower expenditure. So we happily did so. And we'll keep looking periodically for other such opportunities.

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Re: Salary 8.5K - how much should I pay for rent?

Post by LisaBen » Fri, 05 Feb 2016 2:36 pm

Thank you all for the suggestions. I'm actually sharing now with flatmates paying less than $1.5K a month, but unfortunately they are quite loud and kept bringing visitors to stay over so that's why I'm going to get my own place. I guess some are lucky with good housemate =). With my job, I can't afford to have sleepless nights and problem at the flat so I thought would pay more but also don't want to go over the top =)

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Re: Salary 8.5K - how much should I pay for rent?

Post by Barnsley » Fri, 05 Feb 2016 2:49 pm

LisaBen wrote:Hi all,

Since I've been getting good tips and suggestions from here. I thought I would ask for some opinions about how much rent should I pay.

I worked for international company and got paid around $8.5K per month. I'm looking for 1 bedroom flat here but not quite sure how much to spend. Seems like people pay a large proportion of their income to housing here. I'm looking at a place around $2.8-$3K. Am I living beyond my means? It seems really expensive compared to what I paid back in London, 35% of income going to housing..Ouch!. Or should I move out of central and get a cheap place and commute in and save a bit of money. Hard decision :o

What do you guys think, appreciate any comments on this =)
Depends where you want to live...

Nowhere in Singapore is a long way from anywhere.

There are many many 1 bed condo places in Pasir Ris for example that are 1.8k

I think the 2 bed are 2.2 which is less than what you are looking at already.

Its on the Green Line , you are guaranteed a seat and its 25mins from Raffles Place.

You menioned a quite place to live , and Pasir Ris is still quietish for now , but there are tons of Ang Mohs n Indians moving there now that the Overseas family School has moved there.
Life is short, paddle harder!!

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Re: Salary 8.5K - how much should I pay for rent?

Post by thismyvoice » Wed, 17 Feb 2016 9:45 am

LisaBen wrote:Hi all,

Since I've been getting good tips and suggestions from here. I thought I would ask for some opinions about how much rent should I pay.

I worked for international company and got paid around $8.5K per month. I'm looking for 1 bedroom flat here but not quite sure how much to spend. Seems like people pay a large proportion of their income to housing here. I'm looking at a place around $2.8-$3K. Am I living beyond my means? It seems really expensive compared to what I paid back in London, 35% of income going to housing..Ouch!. Or should I move out of central and get a cheap place and commute in and save a bit of money. Hard decision :o

What do you guys think, appreciate any comments on this =)

You can check out some of the 1 bedroom condominiums in Balestier area. 500 square feet for $2000 and less. This will be less strenuous for your budget.

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