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Lagos ranked third among a list of World's Most Expensive Cities to Live| Residents spend 57% of Household Income on Rent

Lagos has been ranked third in a list of world's most expensive cities to live and work in according to a report by ‘RENTCafe’.

The report which is based on the study tagged 'Cities of Opportunity' compiled by 'PricewaterhouseCoopers' revealed that residents in Lagos spend about 57% of their household income on rent only.

According to the report, the average rent per month in Lagos is estimated at $355 (N129,575) compared to the household income which is estimated at $625 (N228,125) per month.

In the list, Lagos comes in behind Mexico City and Manhattan and is placed 28th on the 30-city list of World's Best Cities for Renters-Rental Affordability.

The five most expensive cities to live in on the list are;

  1. Mexico City- 60%

Rent per month: $720 (N262,800)

Household income per month: $1,208 (N440,920)

 

  1. Manhattan- 59%

Rent per month: $3,725 (N1,359,625)

Household income per month: $6,298 (N2,298,770)

 

  1. Lagos- 57%

Rent per month: $355 (N129,575)

Household income per month: $625 (N228,125)

 

  1. Los Angeles- 47%

Rent per month: $2,055 (N750,075)

Household income per month: $4,333 (N1,581,545)

 

  1. Paris- 46%

Rent per month: $1,600 (N584,000)

Household income per month: $3,442 (N1,256,330)

 

The report also showed that Kuala Lumpur in Malaysia is the most inexpensive city to live in among the 30 cities listed with residents spending only 20% of their income on rent.

 

See Full List of World’s Best Cities for Renters-Rental Affordability as compiled by RENTCafe:

 

 

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