Johannesburg, the commercial hub of South Africa, came out on top in a study of international cities where inhabitants have recently been able to purchase homes at lower prices.
By comparing constantly varying house prices and median earnings, the UK-based Online Mortgage Advisor conducted a study on where purchasing and renting real estate has become more or less feasible for the average worker globally over the past few years.
The analysis, conducted by the online mortgage broker and guidance service company that connects bidders with mortgage brokers, compared the square footage of property that the typical full-time worker could buy in 219 worldwide cities in 2022 to that in 2018.
By examining how much local property prices have grown faster than local salaries within the same time period, it also looked at where local employees are being pushed out of the local rental market the quickest.
“To calculate each city’s change in affordability during the same period, we compared each city’s average monthly net salary to the average rental cost of a one-bedroom apartment in the city center,” the research stated.
According to the analysis by Online Mortgage Advisor, “Johannesburg ranked first and was crowned the global city where buying property became more affordable at the fastest rate for local residents worldwide since 2018.”
Where is the best place to live in Johannesburg?
The best place to live in Johannesburg can vary depending on your preferences and priorities. Johannesburg is a diverse city with a wide range of neighborhoods, each offering a unique lifestyle and amenities. Here are some popular areas to consider:
- Sandton: Sandton is known as the financial and business hub of Johannesburg. It offers upscale living, shopping, dining, and entertainment options. The suburb of Sandhurst is particularly sought after.
- Morningside: Morningside is adjacent to Sandton and offers a mix of residential areas and commercial centers. It’s known for its leafy streets and proximity to various amenities.
- Parkhurst: Parkhurst is a trendy and vibrant neighborhood with a strong sense of community. It’s popular for its sidewalk cafes, boutique shops, and tree-lined streets.
- Rosebank: Rosebank is another bustling area with a mix of residential, commercial, and cultural attractions. It’s home to the Rosebank Mall and the African Craft Market.
- Melville: Melville is a hip and bohemian neighborhood known for its nightlife, art galleries, and unique atmosphere. It’s popular among young professionals and artists.
- Houghton: Houghton is an affluent suburb with spacious properties and a serene atmosphere. It’s home to some of the city’s wealthiest residents.
- Bryanston: Bryanston offers a mix of residential estates, office parks, and shopping centers. It’s a family-friendly area with good schools and recreational facilities.
- Fourways: Fourways is known for its entertainment options, including the Fourways Mall and MonteCasino. It’s a popular choice for families.
- Kensington: Kensington is a historic neighborhood with a mix of old-world charm and modern amenities. It’s known for its well-preserved architecture.
- Westdene: Westdene is a diverse and affordable neighborhood with a mix of housing options. It’s popular among students and young professionals.