The Philippines is a beautiful and diverse country located in Southeast Asia, home to over 100 million people. It is known for its natural beauty, rich culture, friendly people, and affordable cost of living. However, one of the most significant challenges that many Filipinos face is the high cost of housing. With the ever-increasing prices of real estate properties, it can be challenging for the average Filipino to afford a decent and quality home. Here, we will explore the question, “How much salary do you need to buy a house in the Philippines?” and discuss how Bria Homes, one of the leading housing developers in the Philippines, can help you.
According to a report by Numbeo, the average cost of a one-bedroom apartment in the city center of Manila is around PHP 25,000 per month. If you plan to buy a house or a condominium unit, the prices can range from PHP 2 million to PHP 10 million or more, depending on the location and size of the property. These prices are often beyond the reach of the average Filipino, and it can take many years to save up enough money to purchase a home.
So how much salary do you need to buy a house in the Philippines?
The answer to this question depends on several factors, such as your location, lifestyle, and the size and type of the property you want to buy. Generally, financial experts recommend that your housing expenses should not exceed 30% of your gross income.
Let’s take an example. Suppose you want to buy a condominium unit worth PHP 3 million in Quezon City, one of the most popular and populous cities in Metro Manila. To afford this property, you need to have a monthly salary of at least PHP 100,000. Assuming that you can put down a 20% down payment of PHP 600,000, you will need to finance the remaining amount of PHP 2.4 million through a bank loan.
The monthly amortization for a 20-year loan with an interest rate of 6% is around PHP 18,000. You will also need to factor in other expenses such as association dues, property taxes, and home insurance. These expenses can add up to an additional PHP 5,000 to PHP 10,000 per month, depending on the location and size of the property.
If you cannot afford a property worth PHP 3 million, you can consider buying a smaller unit or a house in the suburbs or less urbanized areas. In these locations, the prices are generally lower, and you can get more value for your money. For example, a house and lot in Antipolo, a city located east of Metro Manila, can cost around PHP 1.5 million to PHP 2 million.
To afford a property worth PHP 2 million, you need to have a monthly salary of around PHP 67,000. Assuming that you can put down a 20% down payment of PHP 400,000, you will need to finance the remaining amount of PHP 1.6 million through a bank loan. The monthly amortization for a 20-year loan with an interest rate of 6% is around PHP 12,000. You will also need to factor in other expenses such as association dues, property taxes, and home insurance, which can add up to an additional PHP 3,000 to PHP 5,000 per month.
If you cannot afford to buy a home yet, you can also consider renting a property. Renting a property can be a more affordable option, especially if you are not ready to commit to a long-term investment. The rental prices for a one-bedroom apartment in the city center of Manila can range from PHP 10,000 to PHP 20,000 per month, depending on the location and amenities.
It is important to note that the cost of living and the cost of housing in the Philippines can vary widely depending on where you live. Living in Metro Manila can be more expensive compared to living in other regions of the country. Additionally, the type of property and the location can also affect the overall cost. For example, a high-rise condominium unit in a prime location will cost more than a house and lot in a less developed area. In addition to your housing expenses, it is also important to factor in other living expenses such as food, transportation, utilities, and healthcare. The cost of these expenses can also vary depending on your location and lifestyle. Budgeting and managing your finances carefully can help you live comfortably and achieve your financial goals.
If you are considering buying a home in the Philippines, it is crucial to do your research. You must carefully evaluate your financial situation and know how much salary do you need to buy a house in the Philippines. It is also advisable to seek the advice of a financial expert or a real estate agent who can guide you through the process and help you make informed decisions. With the high cost, owning your own home in the Philippines can be a challenge, but it is not impossible.
Affordable House and Lots for Sale
The good news is Bria Homes can help you on owning your dream home. Bria Homes offers a variety housing options, including townhouses and condominiums at reasonable prices and with various funding options. One of the 5 core values of Bria Homes is “mura” or affordable. It aims to give regular Filipino employees the opportunity to affordably purchase their own high-quality homes. With Bria, you can now purchase the homes of their dreams for as little as P 1, 897 a month. Their condominium units cost between Php 1.5M and Php 3M, while house-and-lot packages cost between Php 460,000 and Php 1.5M.
Bria Homes is a great option for individuals who are looking for affordable homes in the Philippines. They offer flexible payment terms and financing options that make owning a home more accessible to Filipinos. For example, they offer Pag-IBIG financing, a government-backed program that helps Filipinos finance their home purchase. This program offers low-interest rates and longer payment terms, making it easier for Filipinos to pay for their homes. In addition, their properties are strategically located in accessible areas, such as major cities and urban centers, making it easier for residents to access schools, hospitals, and other essential services.
Aside from affordability, Bria Homes also prioritizes the quality of their properties. They use high-quality materials and modern designs to provide comfortable and stylish living spaces for their residents. Moreover, their communities are equipped with various amenities, such as parks, playgrounds, and basketball courts, that promote a healthy and active lifestyle.
Owning a home is a dream that many Filipinos share. However, the cost of housing in the Philippines can be prohibitive for many individuals. It is essential to conduct research if you are thinking about purchasing a home and realize how much salary do you need to buy a house in the Philippines. The amount of salary you need to afford an affordable home depends on various factors such as location, property type, and size. It is crucial to evaluate your financial situation carefully and seek the advice of experts to make informed decisions. With careful planning, budgeting and the right help from Bria Homes, you can achieve your dream of owning a home in the Philippines.
