Rent plays a huge role in the well being of individuals and especially families. To be able to survive effectively, an individual needs to earn at least three times as much as their rent or opt to share apartments and home space. All over the world rent, inflation and lively costs are rising. People are stressed beyond believe and battle it out every day to cover their lively costs and rent on low vacancy rates.
The rent of top ranking cities such as New York is over 14 times higher than the average rent of Jakarta. The difference is quite remarkable but we should also note that workers in New York earn up to 13 times more than those who live in Jakarta, which basically evens out the rent and earning differences. This is a good indication of what the living cost of these two countries is.
Those living in cheaper rent cities have a better quality life? If you look closely at the lively cost and earnings of lower paying cities and that of higher paying cities, you will notice that the earnings of higher rented cities may seem better but the living cost and rent expenses adds up to just about the same expense coverage compared to the income that people from lower rent cost cities have.
Individuals from both higher earning and rental cities and lower earning and rental cities are only able to do the same things. They manage to survive, pay their rent, purchase groceries, and pay off debt and vehicles and sometimes manage to save a little bit of money for a rainy day. Those who are really equipped at monitoring their expenses are able to invest in property or businesses which can alleviate their status level over a period.
In some large cities such as New York, the balance between rent and earnings has turned to the wellbeing of home owners. Mortgage payments on homes currently cost less than rent checks. You can now make a down payment for your home at nearly the same rate as you would have paid for an apartment. It had always been a place where renting beats buying and now, due to large scale employments, made a turn around which enables more people to invest instead of spend.
We can never simply look at the average rent costs and determine if a country’s population is flourishing or barely surviving. If you would like to make a conclusion about the living costs of a country you need to look at other surrounding factors such as income and costs compared to that income for groceries, rent, medical and educational costs as well as the price of mortgage payments compared to the costs of rent. Once you have considered all aspects you can determine if a country is in good balance or not.
Which City Has the Highest Rent?
New York pays more rent than any other city, with an average rent cost of $3,890 monthly.
Average Rent By City
|44||Santiago de Chile||710|
|54||Rio de Janeiro||590|
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