Would like to know how many months on average do people find a job? Should i take up a job which does not pay much or wait for the right job with acceptable pay (to me)?

Take and find. do not be inactive.

Depends on how much savings u hv to tide u thru otherwise find a temporary job to get some income n lookout for a proper job at the same time

How many months - usually max 2.

should u wait - depends on your commitments esp with regards to family. if the role is a good learning opportunity i would lower my salary expectations

It's actually much easier to find a job when there is a previous employer or some former co-worker who could make a good recommendation for you. If there are problems with this, I advise you to read article what is a good work ethic to make this process easier. It's good that now there is more information on how to become a more attractive candidate.