12% of households say they own but have not fully paid off their houses (Community Survey 2007)
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What % of householders own their houses and have fully paid off their houses?
I am one but intend selling and buying something bigger… which will then mean that I too will “own but have not fully paid off my house”.
It’s all relative. I’d be more interested in this statistic if it was broken down by the type of dwelling. Does this figure include shacks and traditional huts? Including such “houses” is not really a good indicator of the financial stability/ wealth of most home owners. Also, on average, what is the value of a house that has been mortgaged? It’s probably a lot higher than the value of those properties that have been paid up.
Hi brainless – we’re having a breakfast presentation this Thursday (22nd April) where we will explore all aspects of your question – and more. See http://www.eighty20.co.za/hhh for more. You should come.
This statistic cannot be correct, proof is the slump in property market and prices, as a direct result of Bond refusal and no liquidity in the market. People are just denying they owe on there houses so that they can justify driving expensive cars which the majority of people cannot afford and which are anyway cleverly structured.