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What proportion of salary should one pay for rent?

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  • 28-04-2014 2:48pm
    #1
    Svalbard
    Registered Users Posts: 504 ✭✭✭


    I'm moving from Galway to Dublin soon. I currently rent my own place.
    Obviously to do the same in Dublin will be a lot more expensive.
    What I want to know is - typically, what proportion of your net salary do you spend on rent? I'm trying to work out where my budget should lie.
    Thanks.


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    #2
    Birneybau
    Registered Users Posts: 10,321 ✭✭✭✭Birneybau


    Doesn't work like that.

    Expect to pay €800 for a place to yourself, at the bare minimum for a halfway decent place, i.e., not a bedsit.


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    #3
    dmcg90
    Registered Users Posts: 2,777 ✭✭✭dmcg90


    I live by the 50, 30, 20 rule.

    50% of your income should go on rent, bills, food (the basic essentials).
    30% should go into a savings account
    20% goes on entertainment

    ^You can change the figures to suit you, e.g. saving 25% or spending less than 50% on essential.

    I find it suits me very well. Ensures I don't over-spend.


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    #4
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    The more you earn the lower the % is likely to be. Work out how much you need to live comfortably and then whatever is left over after that set that as the max you are willing to pay. Its pretty tough to find a place in Dublin these days we were looking for a while but have given up most viewings there are a dozen people and normally there is someone willing to pay a good bit over the asking to make sure they get it!


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    #5
    TimeToShine
    Registered Users Posts: 4,881 ✭✭✭TimeToShine


    For your own place that is at a reasonable standard it would be easily 1000 euro.


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    #6
    ProudDUB
    Registered Users Posts: 11,569 ✭✭✭✭ProudDUB


    While the 50-30-20 rule of thumb is a good one to try and live by, its very hard to say for sure what you should do, as everyone is different and you are giving very little info to go on. You aren't giving any idea of what your income level is, where in Dublin you will be working, where you want to live, whether you want to live alone or share, what kind of accommodation will suit you, do you drive, or will you be using public transport to get to work etc etc?

    All those variables will factor into what you will be spending on rent. If you are working in the city centre and you want to live there or close to it it, you will be spending a lot more on rent, than if you are working out in Tallaght or Swords & you can walk to work every day.


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