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LISTEN: Renting vs buying: Is it better to wait before buying your own home?

Payprop's head of analytics and data, Johette Smuts and Africa Melane discuss the trend of renting for longer before buying property, or not buying at all.

House keys. Picture: Pexels.

CAPE TOWN - According to the quarterly PayProp Rental Index, the average age of tenants in the South African rental market is 41.4 years.

Payprop's head of analytics and data, Johette Smuts and Africa Melane discuss the trend of renting for longer before buying property, or not buying at all.

First of all, there is the question of cost - for city dwellers, it's often impossible to afford a property in a central area.

"If you want to buy in the centre of town, you'll probably only be able to afford that when you're 50 at the current house prices, in urban areas especially."

That leaves the option of renting or renting and buying a property in a more affordable area where you do not necessarily want to live yourself.

"The average percentage of salaries that people currently spend on rent is about 29/30% and in the Western Cape it's even higher - the average is 32%.

"At the end of the day, after you subtract your rent and your debt repayment, you're still left with about 30% of your net income as disposable income."

Smuts says prospective buyers must remember that their monthly costs will not be restricted to their bond repayment - they must factor in the levy as well.

Listen to the audio below for more.

Timeline

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