Are you spending 41% of your income on Rent?

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Did you know that, even though the rental cost for a 2-bedroom apartment in Mumbai is one fifth or lesser compared to several other global cities (refer to my previous post), Mumbaikars living in rental apartments are spending an average of 41% of their monthly income, just on rent?

In Mexico City and New York City, people are spending as much as 59-60% of their monthly incomes on rent.

Though Hong Kong may have the highest rents, residents of that city are spending less than one-third of their monthly income on rent. See the graphic for a comparison between 30 global cities.

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