PHOTO: Rental payments
A new study by money.co.uk reveals that New Zealand citizens spend 33.12% of their monthly outgoings on rent, the 10th highest percentage spent on rent in the world.
The research looked at the average cost of rent for a three-bed property in over 50 developed nations around the world and compared it to other costs of living for a family of four.
You can view the research in full here: https://www.money.co.uk/
Top 10 countries spending the highest % of outgoings on rent
|
Rank |
Country |
Average monthly rent (USD)
|
Family of four estimated monthly living costs (USD) |
Total monthly outgoings (USD) |
Rent as % of total monthly spending (USD) |
|
1 |
Hong Kong |
$3,836.00 |
$3,798.00 |
$7,633.66 |
50.25% |
|
2 |
Singapore |
$3,131.00 |
$3,519.00 |
$6,650.24 |
47.08% |
|
3 |
Qatar |
$2,370.00 |
$3,050.00 |
$5,420.27 |
43.73% |
|
4 |
United Arab Emirates |
$1,940.00 |
$2,928.00 |
$4,868.12 |
39.85% |
|
5 |
Kuwait |
$1,614.00 |
$2,611.00 |
$4,224.84 |
38.20% |
|
6 |
Ireland |
$2,092.00 |
$3,527.00 |
$5,619.03 |
37.22% |
|
7 |
United States |
$1,948.00 |
$3,311.00 |
$5,258.61 |
37.03% |
|
8 |
Bahrain |
$1,468.00 |
$2,709.00 |
$4,176.45 |
35.14% |
|
9 |
Australia |
$1,775.00 |
$3,556.00 |
$5,330.53 |
33.30% |
|
10 |
New Zealand |
$1,653.00 |
$3,338.00 |
$4,990.21 |
33.12% |
Hong Kong was revealed to be the highest spending country on rent in comparison to overall monthly outgoings. In fact, Hong Kong is the only country where the average person actually pays more for their rent than all the rest of their living costs combined. The average three-bed property costs an average of US$3,838 per month, which is more or less equal to the monthly cost of looking after a family of four, which clocks in at US$3,798 on average.
Singapore takes second place where the average rent takes up just over 47% of average expenditure. Followed by Qatar, where the average rent of $2,370 makes up 43.73% of the annual monthly expenditure.
In comparison, the country where rent takes up the smallest percentage of finances is Saudi Arabia, with an average rent that’s equivalent to just US$589, while other expenses add up to as much as US$2,500. Therefore, rent occupies 19.07% of monthly outgoings.