“I’ll Never Own My Own Place”: Salary Needed To Afford R3m Cape Town Home Stuns South Africans

• Real estate agent Damian Clarke revealed the earning requirements for a R3 million home in Cape Town
• He shared the amount that monthly payments could potentially reach, including the payments for those with an average debt of R5 000
• Social media reactions demonstrated surprise and concern over Cape Town's housing costs

Damian Clarke, a qualified Cape Town-based property practitioner, shared with potential homeowners and curious individuals how much one would need to earn to afford a R3 million home in the Mother City. The figure stunned many South Africans.

Taking to his TikTok account on 23 February 2026, Damian explained that R3 million has become a decent average for a three-bedroom home in the Southern Suburbs. He noted that if one were to pay a standard 20% deposit, roughly R600 000, the bond would be approximately R2.4 million.

"Your monthly repayment would be around R23 500 per month if you have an average credit score.

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"The banks use a simple rule: your gross repayment can't exceed 30% of your gross monthly income. With no debt, you need to earn around R78 500."

Damian added that with most South Africans accumulating debt, such as R5 000 per month, one's monthly income requirement could be upwards of R100 000.

"Most South Africans don't realise this. So, if you're planning on purchasing, you definitely need to know your numbers."

Take a look at the TikTok video posted below:

Salary needed for R3 million Cape Town home shocks SA

Hundreds of social media users hurried to the comment section with their thoughts about the figures seen on their screens.

A stunned @storyteller7919 asked:

"Standard 20% deposit? Is that really the standard?"

Damian replied to the TikTok user:

"Standard probably wasn't the best word to use, more so a recommendation. You can do 10% or even no deposit if the banks allow (and the seller accepts), but that will of course increase your monthly instalment quite a bit."

@rhu_mixo stated with a laugh:

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"You lost me at R600 000 deposit."

@heinimoller sadly wrote:

"I'll never own my own place."

@dmarley1829 shared their opinion in the comment section, writing:

"So why are Johannesburg and KwaZulu-Natal houses way cheaper, bigger, and more decent? Cape Town is a rip-off."

3 Other stories about Cape Town housing

• In another article, Briefly News reported that a woman shared practical tips for finding affordable housing in Cape Town.
• A Cape Town property listing sparked confusion after a three-bedroom home in a local township was advertised for R5 000.
• A woman in Cape Town was outraged when she saw a R6.5 million apartment that drew attention for its unusual layout.

Source: Briefly News