Wazzup Pilipinas!
Planning to buy a home? Check out whether your current salary could buy you a house in these 10 cities and municipalities in the Philippines
Ever wondered how much monthly salary you should be earning in order to afford a house in different cities and municipalities in the Philippines?
Global property website Lamudi Philippines looked into its May 2016 listings data and see the average prices of homes in different cities in the Philippines. With these averages, we used the 2.5 rule to determine how much monthly salary you should be earning in order to afford a home in these places.
The 2.5 rule works like this: the cost of the home you can afford is 2.5 times your annual salary.
But this approach is only a general guideline. Although many financial experts highly recommend not buying a home that’s more than this, some people’s lifestyle may be able to let them afford a slightly more expensive property (for example, childless couples or singletons), while others who have higher monthly expenses should consider spending on a much cheaper property.
However, as general as it is, the 2.5 rule allows us to gauge the housing market. By knowing how much you can afford, you can determine how far your income can take you based on Lamudi’s average house prices in 10 cities and municipalities in the Philippines.
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Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.