Cost of Living

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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 http://www.gohome.com.hk/english/home.asp?  

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.