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Don Nyagudi
Don Nyagudi

Don Nyagudi

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Don NyagudiVeteran
Asked: December 15, 20202020-12-15T10:40:47+03:00 2020-12-15T10:40:47+03:00In: Business and Investments

What percentage of your gross monthly income do you spend on your house costs ( Rent) ?

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Don’t spend more than 1/3 of your gross monthly income on house costs( Rent). For instance , if you earn a gross of KES 30,000 in a month, spend KES 10,000 or less on your rent. The rest should be directed to consumption spending and saving.

The 30% rule was first established by the USA government in the 1960s as part of public housing regulations.

Though flawed ( doesn’t account for inflation and rising rent prices) experts upto today think that it’s a reasonable benchmark and advise people to follow it.

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  1. David Ngwayo

    David Ngwayo

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    David Ngwayo Advanced
    2020-12-30T23:32:57+03:00Added an answer on December 30, 2020 at 11:32 pm

    The percentage depends on many things like do you have an alternative income stream? Is the house long term lease or just a short term stay? Am I in the city where rent is too expensive or in the village where it is almost free? There is no theory or formula. Just live wherever you want and make sure you are happy.

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