Rent: How Much House Rent Should You Pay? | Rent Prices #shorts #mumbai #bangalore

Rent deduction living in your mind rent free? Rental market, housing market, and real estate are booming in metropolitan cities such as Bangalore, Mumbai, Hyderabad, and Chennai, etc. This is making our lives difficult on the payday because of rent deduction. But we’re here to tell you how much rent is actually too much rent. We'll also look at some other factors that can affect rent such as your location and your budget, to see how they affect the 30% rule. The thumb rule for renting indicates spending not more than 30 percent of your gross salary as rent. The 50/30/20 rule is an easy and efficient budgeting method that can help you to manage your money easily, efficiently, and sustainably. The basic rule of thumb is to divide your monthly income into three spending categories: 50% for needs, 30% for wants and 20% for savings and additional debt payments.
The 50/30/20 budget as a guide to figure out how much you can afford to spend on rent. The rent is significantly higher in metropolitan cities, urban India when compared to rural India. According to research individuals often spend as much as 40%-50% of their monthly income on accommodation. Despite lower rental yields, the cost of accommodation in urban India continues to remain high. So next time you rent a place, make sure you follow the rule of thumb and manage your budget efficiently starting now!

Which city do you think charges the highest rent? Let us know in the comments section below!

To know more about the Budget rule, watch this video:
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