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fustiancorduroy
Joined: 12 Jan 2007
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 Posted: Sun May 20, 2012 7:50 pm Post subject: What percentage of your salary would you allocate to rent? |
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Last edited by fustiancorduroy on Sat Feb 21, 2015 4:42 am; edited 1 time in total |
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radcon
Joined: 23 May 2011
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| Posted: Sun May 20, 2012 7:58 pm Post subject: |
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| Go for it. What do I care? Its not my money. |
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FDNY
Joined: 27 Sep 2010
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| Posted: Sun May 20, 2012 8:36 pm Post subject: Re: What percentage of your salary would you allocate to ren |
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| fustiancorduroy wrote: |
As the subject says, what percentage of your monthly pay would you put toward rent? The general recommendation I've read online is no more than 30 percent of your pay toward rent, but most of those articles have been written for people living and working in the US. Seeing as how our situations in Korea are different from people in America, would you say the same guideline applies?
I ask because I've been looking for new places lately and have found a few that strike my fancy. One place in particular is a nice 20th story apartment in 동부이촌동 that has wood floors, tray ceilings, halogen spotlights, and granite kitchen counter tops, and overlooks the Han River. At 1.8 million a month for rent, it's a bit pricey, but within 30 percent of my monthly income.
Should I go ahead and rent this borderline too expensive apartment where I know I will be happy or should I find somewhere a bit cheaper, maybe costing just 20 percent of my monthly salary, where I will be less happy but able to save more money for the future? |
Haha, I've seen some pretty half-baked, cheesy attempts at trolling lately but this one is REALLY stupid. So, what this guy is saying is that he makes over six million. Oh, boy. Can I be your friend? You must be totally kewl. Also, anyone who would pay 1.8M/mo. for an apartment in Korea needs their head looked at. Those serviced apartments that go for that rate and over are paid for by companies and corporations for executives and others who are posted to Korea on a temporary basis.
Nice try. |
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fustiancorduroy
Joined: 12 Jan 2007
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| Posted: Sun May 20, 2012 8:43 pm Post subject: Re: What percentage of your salary would you allocate to ren |
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| FDNY wrote: |
| fustiancorduroy wrote: |
As the subject says, what percentage of your monthly pay would you put toward rent? The general recommendation I've read online is no more than 30 percent of your pay toward rent, but most of those articles have been written for people living and working in the US. Seeing as how our situations in Korea are different from people in America, would you say the same guideline applies?
I ask because I've been looking for new places lately and have found a few that strike my fancy. One place in particular is a nice 20th story apartment in 동부이촌동 that has wood floors, tray ceilings, halogen spotlights, and granite kitchen counter tops, and overlooks the Han River. At 1.8 million a month for rent, it's a bit pricey, but within 30 percent of my monthly income.
Should I go ahead and rent this borderline too expensive apartment where I know I will be happy or should I find somewhere a bit cheaper, maybe costing just 20 percent of my monthly salary, where I will be less happy but able to save more money for the future? |
Haha, I've seen some pretty half-baked, cheesy attempts at trolling lately but this one is REALLY stupid. So, what this guy is saying is that he makes over six million. Oh, boy. Can I be your friend? You must be totally kewl. Also, anyone who would pay 1.8M/mo. for an apartment in Korea needs their head looked at. Those serviced apartments that go for that rate and over are paid for by companies and corporations for executives and others who are posted to Korea on a temporary basis.
Nice try. |
Well, FDNY, I know you make at least as much money as I do, but you also have a family. I'm assuming you don't pay 1.8 million won a month for rent. So what do you do?
Also, most decent apartments in central Seoul cost at least 1.5 million a month, and quite a few cost much, much more than that. I'd rather pay less, but the situation is what it is. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Sun May 20, 2012 8:43 pm Post subject: |
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Well in a somewhat similar vein to FDNY, if you're pulling that sort of dough, you're probably working a lot and rarely see your apartment anyway.
Personally my cutoff, off the top of my head because I never think about crap like this, is that rent should be no more than 25% of pay after taxes in Korea. This leaves plenty of money for other expenses, savings, etc. |
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Unposter
Joined: 04 Jun 2006
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| Posted: Sun May 20, 2012 8:54 pm Post subject: |
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1.8 million a month for a nice apartment overlooking the Han doesn't sound like all that much.
It is about the going opportunity cost of owning a 400 million won apartment, which sounds about average these days for Seoul.
I am sure you could pay less but you certainly won't be living as nice as you say this apartment is. If that is important to you than I say go for it. If it is not important to you, than you need to ask yourself what you really value and start looking for it.
You can always make a lower offer to the owner. See if he or she is desperate enough to lower his or her price. |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Sun May 20, 2012 8:58 pm Post subject: |
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| You couldn't pay me to live in Seoul. |
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Nismo
Joined: 31 Aug 2005
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| Posted: Sun May 20, 2012 10:52 pm Post subject: |
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| If you're doing it the Korean way, you're supposed to put way too much money into a car that you don't need and can hardly afford, and then live in a cramped box and eat rice balls every day. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun May 20, 2012 11:05 pm Post subject: |
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| Nismo wrote: |
| If you're doing it the Korean way, you're supposed to put way too much money into a car that you don't need and can hardly afford, and then live in a cramped box and eat rice balls every day. |
Ha ha. Ain't that the truth. Make sure it's a black car with tinted windows. Black cars are for ajossis. White cars are for women and silver cars for younger guys, maybe 30's. Know your status when driving here. Also the black grandeur gets the right of way over the white matiz. Only the buses and taxis get first right away because of size and extreme aggressiveness. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun May 20, 2012 11:06 pm Post subject: |
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| If you're going to buy an old car, try to get a black one with tinted windows. People will think you're an old ajossi when driving. |
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byrddogs
Joined: 19 Jun 2009
Location: Shanghai
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| Posted: Mon May 21, 2012 1:20 am Post subject: |
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| Weigookin74 wrote: |
| If you're going to buy an old car, try to get a black one with tinted windows. People will think you're an old ajossi when driving. |
You mean something like this? I'm positive no one thought I was an old ajossi when I was puttering around in it. It was quite the contrary; many an old ajossi yelled at me because it was too loud, haha.
http://www.flickr.com/photos/7151587@N04/2466749494/in/photostream/
For the OP, I say go for it if you can afford it. I used to pay a good bit for a similar type apt. here in Shanghai when I was a bachelor. Of course, things changed when I got married. I miss that place. |
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furtakk
Joined: 02 Jun 2009
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| Posted: Mon May 21, 2012 2:43 am Post subject: |
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| If you're pulling in that much a month, why don't you do jeonsae? |
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wishfullthinkng
Joined: 05 Mar 2010
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| Posted: Mon May 21, 2012 5:42 pm Post subject: |
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| Weigookin74 wrote: |
| If you're going to buy an old car, try to get a black one with tinted windows. People will think you're an old ajossi when driving. |
i'm fairly positive that korea requires a 100% tint on windows upon purchasing of a car. it's ridiculous really. i see really nice sports cars like lambos and ferrari's all the time with tint and i can't help but to boggle a bit. |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Mon May 21, 2012 7:59 pm Post subject: |
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In Canada the police prevent tinting at the front. Here it is permitted. My car is tinted, and it doesn't bother me, who cares?
But I agree with the large black car comment. My first car here was a little accent, people would always honk at me to move out of the way. Now I drive a big black car it doesn't happen. |
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sojusucks
Joined: 31 May 2008
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| Posted: Tue May 22, 2012 12:26 am Post subject: Re: What percentage of your salary would you allocate to ren |
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| fustiancorduroy wrote: |
| As the subject says, what percentage of your monthly pay would you put toward rent? |
My contract has always covered rent. So I would not allocate any of my salary towards rent. |
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