Currently, the average monthly salary in South Africa stands at R26,894. Based on the recommended bond threshold by banks, this allows an average earner to afford a home valued at between R700,000 and R1,400,000—depending on the number of earners per household.
This was largely due to increases in industries such as trade, business services, manufacturing, construction, transport, mining, and electricity industries.is challenging in South Africa, Discovery Bank highlights in its SpendTrend 2024 report that mass affluent individuals are those who earn between R100,000 and R350,000 a year.
This would mean that the average formally employed non-agricultural worker in the country fits easily into the upper end of the middle-class category.According to Richard Gray, CEO of Harcourts South Africa, banks clearly prefer lending to home buyers whose monthly bond cost is no more than 30% of their single or joint gross monthly income.
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