[min_sg22]

Hi all, trying to do some budgeting to see how much i can afford for my rental.. so can you all advise the living expenses in HK if i were to live on HK island? i would imagine a middle-class kind of lifestyle.. taking mtr/buses to work everday, cab home during weekends after a night's out at LKF, eating at 'normal' places during weekdays, and restaurants on weekends.. whatcha think??

[Skyhook]

Well, defining what your interpretation of what a "middle class " income is going to be is a matter of, how long is a piece of string...

If its based on HK census figures, to be "classed" as HK middle class, you'd need to be earning $100K US pa min. And for that kind of money and above, you can pretty much live an Austin Powers type lifestyle nearby LKF as a single person....If you are earning 50% less than that, then you are going to have to find more ecomical play area's and living locations, or take a big cut in living space.

If you are on a min expat package, which would be 22K hkd per month to qualify for a work visa, you are going to live pretty frugally, in a tiny flat and likely learn how to cook simple meals at home and not eat out much. By the time you have paid all your monthly expenses, which will be atleast $5000 per month, not including luxuries, you arent going to have much left once the rents paid at a min of $8K hkd for something very small in the area you have chosen to live.

[yona]

The median salary in HK is $10K HK per month.

http://news.gov.hk/en/category/busin...123en03002.htm

So if $100K US is the minimum to be classified as a middle class, I guess most people in HK are very poor.
We live in HK for more than 6 years and never reached 100K US for me and my wife combined (although we got close to this figure). We have 2 kids and still managed to save about 40%-50% of our income.

[Skyhook]

Umm the min working visa eligible salary is above 20K per month, not 10K.

And Yona, regardless of what your financial position is, demographic stats state that 100K US per year = middle class, there is no debate about it.

There are also people out there who earn considerably more than a 100K pa among the expat community, mentioning that a lot of people locally earn less than the "middle class" income median, doesnt seem particularly useful, as the original poster refered to living a "middle class" lifestyle, not less than.

It's well known that there is an ever wideing gap between the financial classes of HK, it's been a hot topic in the local news papers, ever since the economy began to improve.

I also know, that there is hidden income that is often not recorded in govt stats, and sure, there is an element of poor people here, but I also know that a lot of local people earn more than what they declare to the IRD.

[carang]

and what is a "normal" restaurant?
you need to be VERY specific...

how many bedrooms do you want?
do you require other facilities in your complex?
are you happy in a local neighbourhood in a 5 story walk up? or do you want to be around loads of other expats with a full gym and swimming pool?
how far are you willing to commute?
will you only "do" happy hours or are you ok with spending $60 per drink?
are you planning on saving anything? if yes, how much?

SPECIFICS!!!

[goleoboy]

yeah, middle class is all relative. I personally don't know how u can live off a 10k / mo income... unless u are a recent grad living at home. skyhook... when u say 100k classified as middle class... is that household income or individual? 100k usd hhi is not that much actually...but 100k for a single guy is not bad - not great but ok for city life. that's about 65k hkd per month... that to me is kinda middle class HOUSEHOLD...

[goleoboy]

but it 100k per spouse, then HHI is 200k and that would be more upper middle...right?

[Skyhook]

You got it in one Golly.. I meant house hold income, and yes, 200k US pa dinks ( double income no kids ) would be upper end of the middle income spectrum, before they reach the next peg.

[goleoboy]

Yeah, then i agree, 100k usd HHI is middle class. that's 65k/mo HKD, rent (for middle class) probably 20k or so (correct me if i'm wrong) and dinner out at average place (eg. spagetti house? :-)) is about 300-400 for 2 people.

comparatively, costs are slightly less than back in New York then again we are living half-local lifestyle and know where to go for chinese / local food - except the transportation is kinda of a killer...and grocery shopping is kinda expensive if you want to keep using Tide for laundry (ie. name brands). btw, has anyone noticed, the paper towels here are tiny!!!

But Yona, if you can save 40-50% of your income KUDOS to you! You're setting a great example for your kids!!! ;-)))

[goleoboy]

it still baffles me tho, at an average income of $10k, there sure are lots of louis vutton's and gucci's out there - and they don't look fake and these are YOUNG people -- where do they get the money!