How much do you have to earn to live in South Africa’s richest suburbs and drive that brand new Maserati?The answer‚ to be precise‚ is R327‚800 per month.Lightstone‚ a property research company‚ has compiled some eyebrow-raising scenarios that break down what size salary one needs in order to afford a house and car in certain suburbs around the country.On the lower end of the scale‚ a salary of R6‚300 is required to acquire a house in Khayelitsha in the Western Cape‚ Hillbrow in Gauteng‚ or Wasbank in KwaZulu-Natal and park a second-hand 0.8 litre Chery QQ3 in the garage.The company based its data on a mortgage that would account for no more than 30% of an individual’s gross monthly salary. The mortgage was calculated over a period of 20 years without a deposit. And for cars‚ they chose to cap expenses at 20% of a monthly salary with no deposit.The data comes from various sources “including all the property transactions taking place in the country as recorded by the registrar of dee...
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