Wednesday, May 14, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Top 5 major African cities with the worst mortgage values

Simon Osuji by Simon Osuji
October 18, 2024
in Business
0
Top 5 major African cities with the worst mortgage values
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

In African cities, a healthy mortgage-to-income ratio, where mortgage payments represent a lesser percentage of family income, has several advantages for both individuals and the larger economy.

According to Numbeo, this ratio is calculated by assuming a 100% mortgage for 20 years on a 90-square-meter home.

The home price is based on the average cost per square meter, considering both city center and suburban areas. Family income is estimated using the average monthly salary.

Primarily more individuals can become homeowners as housing becomes more accessible due to a reduced mortgage-to-income ratio.

Higher homeownership rates may result from this, which is crucial in African cities where it can be difficult to find affordable homes.

Homeownership also helps families build long-term wealth, as property values tend to increase over time, enabling homeowners to benefit from the appreciation of their assets.

In addition, a favorable mortgage-to-income ratio means that households spend less of their income on mortgage payments, leaving more money for essential expenses like education, healthcare, savings, and investments.

As a result, some cities in Africa have not done a decent job in ensuring that their mortgage payments are attractive, while others have failed to.

The failure to provide an affordable mortgage can create a pathway for the proliferation of slums, as people can’t afford standard housing, as well as repel foreign investors.

With that in mind, here are the five African cities with the worst mortgage-to-income ratio, as reported by Numbeo.

Related posts

White House orders U.S. boycott of G20 summit in South Africa

White House orders U.S. boycott of G20 summit in South Africa

May 14, 2025
Why the rich want specialists

Why the rich want specialists

May 14, 2025

Top 5 major African cities with the worst mortgage values

Rank City Country Mortgage as percentage of income Global rank

1.

Douala

Cameroon

938.5

1st

2.

Addis Ababa

Ethiopia

805.2

4th

3.

Cairo

Egypt

261.9

30th

4.

Nairobi

Kenya

257.4

32nd

5.

Alexandria

Egypt

230.4

38th

Source link

Previous Post

South African banker Alan Pullinger’s stake in FirstRand exceeds $30 million

Next Post

Saudi Arabia Seeks to Expand Local Helicopter Production With Leonardo

Next Post
Saudi Arabia Seeks to Expand Local Helicopter Production With Leonardo

Saudi Arabia Seeks to Expand Local Helicopter Production With Leonardo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Navigating the ‘Wild West’ of EV Charging

Navigating the ‘Wild West’ of EV Charging

9 months ago
African Development Bank approves $29.5 million for solar plant in Togo

African Development Bank approves $29.5 million for solar plant in Togo

23 hours ago
Kenya Embassy DC: Engagement with Daispora Organizations

Kenya Embassy DC: Engagement with Daispora Organizations

9 months ago
Eastern Cape Branch of IWMSA Invites You to the WASTE 360 Conference

Eastern Cape Branch of IWMSA Invites You to the WASTE 360 Conference

2 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.