ITS MY HOUSE- The average age of first-time home buyers keeps going up
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GUEST - Renier Kriek, Managing director of Sentinel Homes
South Africa’s youth finds itself in a precarious state. Millions are without jobs, while others work in places where they get below the minimum wage. Even those who are employed find themselves in uncertainty as food and fuel prices surge.
As a result, first-time homebuyers’ ages keep going up. Because of affordability, first-time home purchasers are getting older. The ages rose from around 30 to 32 years to approximately 38 to 40 years, said Sentinel Homes. Home ownership is a route to financial security. Because there is no restriction requiring your first property to be a residence, you have the choice to purchase the home you can afford as the best way to get started. Over the last 70 years, asset values have risen significantly faster than wage growth, and this tendency is expected to continue. Simply put, homes are getting less affordable.
This is according to the MD of Sentinel Homes, Renier Kriek.
South Africa’s youth finds itself in a precarious state. Millions are without jobs, while others work in places where they get below the minimum wage. Even those who are employed find themselves in uncertainty as food and fuel prices surge.
As a result, first-time homebuyers’ ages keep going up. Because of affordability, first-time home purchasers are getting older. The ages rose from around 30 to 32 years to approximately 38 to 40 years, said Sentinel Homes. Home ownership is a route to financial security. Because there is no restriction requiring your first property to be a residence, you have the choice to purchase the home you can afford as the best way to get started. Over the last 70 years, asset values have risen significantly faster than wage growth, and this tendency is expected to continue. Simply put, homes are getting less affordable.
This is according to the MD of Sentinel Homes, Renier Kriek.
