{"id":288118,"date":"2018-11-29T14:43:27","date_gmt":"2018-11-29T12:43:27","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=288118"},"modified":"2018-11-29T14:43:27","modified_gmt":"2018-11-29T12:43:27","slug":"what-south-africans-in-their-20s-and-30s-will-spend-on-a-home-compared-to-their-parents","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/288118\/what-south-africans-in-their-20s-and-30s-will-spend-on-a-home-compared-to-their-parents\/","title":{"rendered":"What South Africans in their 20s and 30s will spend on a home – compared to their parents"},"content":{"rendered":"

Millennials, those individuals born between 1977 and 1994, are likely to spend 3.04 times more on their first time home than the generation before them.<\/p>\n

This is according to Lightstone Property, which has released a new report on the generational differences between home buyers in South Africa.<\/p>\n

Although property inflation and living costs have significantly changed over the last 20 years – and the fact that a South African\u2019s earning potential and spending power would have been affected by various economic factors and inflation amounts –\u00a0 the average house price for a first-time home owner is three times more than previous years, Lightstone found.<\/p>\n

“Looking specifically at Generation X, a \u2018first house\u2019 is, on average, a third of the price of when you buy a house between the age of 26-35 (R388,000 vs R139,000),” said Michelle de Klerk, senior property analyst for Lightstone Property.<\/p>\n

“As Generation Y, a \u2018first home\u2019 is more than half the price than a house you buy between the age of 26-35.”<\/p>\n

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“Naturally, house prices increase as the people within that generation get older; however, if we look specifically at Generation Y for the ages 18-25 against the actual inflation of homes, you will see that Generation Y followed the same trend as the market, although the economic crisis of 2007 – 2008 didn\u2019t affect the dip in housing prices as drastically as the entire market over the same period,” said\u00a0de Klerk<\/p>\n

According to Lightstone, of the 262,629 property transactions that have occurred in 2018, millennials account for 103,853 of the transactions, with a total (millennial) purchase value adding up to over R86 billion.<\/p>\n

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Read: Too many people are moving to Gauteng: report<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Lightstone Property has released a new report on the generational differences between homebuyers in South Africa.<\/p>\n","protected":false},"author":10,"featured_media":211415,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26],"class_list":["post-288118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/288118","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=288118"}],"version-history":[{"count":10,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/288118\/revisions"}],"predecessor-version":[{"id":288154,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/288118\/revisions\/288154"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/211415"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=288118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=288118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=288118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}