Cost of Living

  • strict warning: Non-static method view::load() should not be called statically in /nfs/c03/h02/mnt/51424/domains/ on line 879.
  • strict warning: Declaration of content_handler_field::options() should be compatible with views_object::options() in /nfs/c03/h02/mnt/51424/domains/ on line 208.
  • strict warning: Declaration of date_handler_field_multiple::pre_render() should be compatible with content_handler_field_multiple::pre_render($values) in /nfs/c03/h02/mnt/51424/domains/ on line 185.
  • strict warning: Declaration of views_handler_argument::init() should be compatible with views_handler::init(&$view, $options) in /nfs/c03/h02/mnt/51424/domains/ on line 745.
  • strict warning: Declaration of views_handler_filter::options_validate() should be compatible with views_handler::options_validate($form, &$form_state) in /nfs/c03/h02/mnt/51424/domains/ on line 589.
  • strict warning: Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /nfs/c03/h02/mnt/51424/domains/ on line 589.
  • strict warning: Declaration of views_plugin_row::options_validate() should be compatible with views_plugin::options_validate(&$form, &$form_state) in /nfs/c03/h02/mnt/51424/domains/ on line 135.
  • strict warning: Declaration of views_plugin_row::options_submit() should be compatible with views_plugin::options_submit(&$form, &$form_state) in /nfs/c03/h02/mnt/51424/domains/ on line 135.

I'm trying to find out how much one can save (in terms of salary) in HK. I live in Toronto, apartment rent is USD 900/month for a 500 sqft. Commute to downtown Toronto is 40 minutes via short bus ride to subway station (less than 20 kms to downtown).

90% of the time, we cook at home - Asian food, so cheaper compared with western diet.

Total household income (married couple) is USD 85,000/yr. No kids.

At the end of the year, we're able to save 30% of our salary.

Applying roughly the same thing to HK, let's say, 5-10 minute walk to subway station, then 30 minutes commute to central via subway. No car.

Will it still be possible to save 30% of the same salary?

Look at Go Home

Housing will be your most expensive item.

Go to the website "Go Home" - to look at rents  

I did a brief search

If you want to stay on HK Island & pay less than 8K per month, then you'll probably have to settle for a smaller place (~ 300-400 sq. feet).

If you're willing to live in an in places like Yau Ma Tei, Sham Shui Po, or Jordan - then you can probably have about the same space as you had in Canada. If you're willing to have a longer commute - you could find a bigger place w/ better air in the NT.

Quick maths...

* 85 K USD per year = ~ 12.75 K USD in HK Income tax (15%);

* You're Canadian, so you don't need to pay income tax on overseas earned income

* So, after taxes you're looking at 72.75 K USD

* call your rent 1K USD per month, now you're down to 60.75 K USD per year

*call all the rest of your living expenses (utilities, transportation, food & entertainment) another 1 K USD per month - now you're looking at ~ 48.75 K USD

So, I think you could continue to save at least 1/3 of your income - maybe more.

I think you should increase

I think you should increase the rent no. Rent is clearly much higher i would take 10-12 k hkd to work with, decent size, yet far away -30 min travelling.
effective taxes will be 12%.
util, food etc cost will be 6 k hkd.