Before this thread drifts and ends up in a Dubai Haters vs. Dubai Lovers fight, let's clarify a few things:
(1) The housing charge applies to those who rent in Dubai. If you work for EK and you're in Company accommodation it's no issue. However if you take the 'live-out' allowance (or join FlyDubai) then yes, you'll be eligible to pay the 5% charge.
(2) There is NO income tax, which seems to be the issue causing confusion.
Hope this helps. The effect of the the housing charge is softened slightly with the drop in rental costs - so providing you aim for a sensibly priced option and remember to include all CHARGES and BILLS in the equation then there should be no problem.
Do remember though if opting to take the live-out allowance then you have to be prepared for possible increases in utility costs and housing charges etc. Emirates clearly state you CAN NOT opt back in to Company housing at a later date... and at the moment electricity/water charges are rising sharply as reported in the papers.