{"id":244297,"date":"2018-05-20T18:00:36","date_gmt":"2018-05-20T16:00:36","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=244297"},"modified":"2018-05-18T16:15:42","modified_gmt":"2018-05-18T14:15:42","slug":"these-are-the-homes-you-can-afford-to-buy-with-your-salary-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/244297\/these-are-the-homes-you-can-afford-to-buy-with-your-salary-in-south-africa\/","title":{"rendered":"These are the homes you can afford to buy with your salary in South Africa"},"content":{"rendered":"<p>Data analytics group Lightstone has released a new report on the suburbs and homes you can afford to live in &#8211; based on your salary.<\/p>\n<p>According to Standard Bank\u2019s latest house price index stand-alone properties have continued to outperform townhouses and flats in 2018, with the price of the median free-standing home climbing 7.6% year-on-year in April, versus 6.9% year-on-year in March to<strong> R1,049,200<\/strong>.<\/p>\n<p>By contrast, house price growth for flats and townhouses remained relatively flat at 5.8% year-on-year in April, with a median price of <strong>R874,700<\/strong>.<\/p>\n<p>Based on Lightstone&#8217;s data, this means you should be earning in the region of R35,000 to R39,000 a month to afford the average R1 million free-standing home in South Africa right now, and if you were looking to buy a R874,000 townhouse you should be earning in the region of R26,000 &#8211; R30,000.<\/p>\n<p>The table below shows how much you could spend on a home based on your monthly salary \u2013 as well as examples of suburbs with these median house prices.<\/p>\n<p>The data is based on current house prices (May 2018), factoring in the recent rate cut, and assumes a 0% deposit (but excludes additional fees incurred during the inception of the loan or transfer of property into the calculation.)<\/p>\n<p>Pricing is based on:<\/p>\n<ul>\n<li>The assumption that people are not going to spend more than 30% on servicing a home loan.<\/li>\n<li>The assumption of a 0% deposit for both home financing (but excluding added additional fees incurred during the inception of the loan or transfer of property into the calculation).<\/li>\n<li>The assumption that the homes are financed over 20 years at the prime lending rate.<\/li>\n<\/ul>\n<div class=\"bt_table\">\n<div class=\"table-responsive\"><table class=\"table\" width=\"100%\" cellspacing=\"0\" cellpadding=\"6\">\n<tbody>\n<tr>\n<th style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"33%\">Monthly income required<\/th>\n<th style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"34%\">Suburb<\/th>\n<th style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"33%\">Median Home Value<\/th>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R396 000<\/td>\n<td>Clifton, Western Cape<\/td>\n<td style=\"text-align: center;\">N\/A<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R230 000<\/td>\n<td>Zimbali, KwaZulu Natal<\/td>\n<td style=\"text-align: center;\">R7 050 000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R117 000<\/td>\n<td>Waterkloof,Gauteng<\/td>\n<td style=\"text-align: center;\">R3 550 000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R100 000<\/td>\n<td>Bryanston, Gauteng<\/td>\n<td style=\"text-align: center;\">R3 000 000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R73 000<\/td>\n<td>Century City, Western Cape<\/td>\n<td style=\"text-align: center;\">R2 200 000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R63 000<\/td>\n<td>Fish Hoek, Western Cape<\/td>\n<td style=\"text-align: center;\">R1 900 000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R51 000<\/td>\n<td>Faerie Glen, Gauteng<\/td>\n<td style=\"text-align: center;\">R1 500 000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R48 000<\/td>\n<td>Glen Marais, Gauteng<\/td>\n<td style=\"text-align: center;\">R1 450 000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R39 000<\/td>\n<td>Parklands, Western Cape<\/td>\n<td style=\"text-align: center;\">R1 150 000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R26 000<\/td>\n<td>Montclair,\u00a0KwaZulu Natal<\/td>\n<td style=\"text-align: center;\">R780 000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R20 000<\/td>\n<td>Kagiso, Gauteng<\/td>\n<td style=\"text-align: center;\">R580 000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0R12 000<\/td>\n<td>Bonteheuwel, Western Cape<\/td>\n<td style=\"text-align: center;\">R360 000<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/wealth\/243703\/how-much-it-costs-to-move-into-a-retirement-home-in-south-africa-2\/\" target=\"_blank\" rel=\"noopener\">How much it costs to move into a retirement home in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Data analytics group Lightstone has released a new report on the suburbs and homes you can afford to live in &#8211; based on your current salary.<\/p>\n","protected":false},"author":10,"featured_media":40736,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26,7421],"class_list":["post-244297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline","tag-lightstone"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/244297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=244297"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/244297\/revisions"}],"predecessor-version":[{"id":245749,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/244297\/revisions\/245749"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/40736"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=244297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=244297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=244297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}