With rates poised to increase again this year, here is how much the average person can spend on a house and what they could look like.
This year, prospective homebuyers in South Africa will need to be cautious of what they can afford in light of rising interest rates.
A bond is usually needed to finance a home in South Africa, with several things influencing how much of a bond a potential homeowner will be able to secure. Such factors include a person’s take-home pay and the size of their deposit. According to the latest data from Stats SA’s quarterly employment survey for Q3 2022, the average salary in South Africa has increased slightly from the previous quarter toThis is also a 3.8% increase from the same period in 2021, when the average salary was R23,908 per month.
On 25 November, the South African Reserve Bank pushed the interest rate up by another 75 basis points, taking the current prime lending rate to 10.50%.
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