Wallet feeling light by the end of each month? Chances are you live in one of these four cities.
According to GRT Radio,
Shanghai-based E-House China R&D Institute recently released a
report examining the percentage of income allotted to rental costs in 50
Chinese cities.
The study revealed that in 70 percent of the 50
cities, June rental costs measured comparatively high next to income
levels. Unsurprisingly, the biggest culprits, with rent accounting for
at least 48 percent of total income, are Beijing, Shenzhen, Shanghai and
Sanya.
Ecns.cn reports
that Beijing took the top spot, with residents spending an average of
RMB2,748 per month on rent, equating to a staggering 58 percent of total
income.
Shenzhen, with tenants forking over 54 percent of their
income for rent, was a close second, and in Shanghai and Sanya, average
rent accounts for 48 percent of total income.
Rental cost of over RMB1,000 per month were found in 18 of the other cities surveyed.
In 34 out of 50 cities, including Guangzhou, Tianjin and Hangzhou, rent accounted for between 25 and 45 percent of income.
With prices rising steadily, Beijing residents have begun moving further from the city-center, causing a spike in suburban rentals. In Huilongguan, for example, rental contracts increased by about 277 percent in 2014, 24 percent in 2015, and 44 percent in 2016.
READ MORE: Beijing Is World's Least Affordable City to Rent
[Image via the Huffington Post]
