By The African Exponent
Accommodation is one of humanity’s most basic requirements. However, it does not come cheap. This notion is particularly problematic in Africa, where millions of people are forced to live in shanties and slums due to a lack of adequate housing.
In this article, we’ll look at the eight most expensive African countries to rent a one-bedroom flat. This is based on the property price to income ratio, which is defined by Investopedia as the proportion of a median home price to the median yearly household income in a certain location.
While compiling the list, we also took into account the affordability index, which assesses an average person’s capacity to buy a specific item, such as a house in a specific region, or to afford the region’s overall cost of living. We used statistics from Numbeo, the largest global provider of perceived consumer pricing and other information, to come up with the list.
1 Ghana
Ghana is the most expensive country in Africa to rent a one-bedroom apartment, and many people find it difficult to pay, especially when landlords demand one- or two-years’ rent in advance. This West African country has an affordability score of 0.04 percent and a property price to income ratio of 87.65 percent. In Accra’s city center, a one-bedroom apartment might cost as much as $884.46 per month. Most people’s average monthly net pay is $344.84 after taxes, so most people cannot afford it.
2. Kenya
Kenya’s home price to income ratio is 24.24 percent, despite a 0.29 percent affordability index. A one-bedroom apartment in Nairobi’s city center costs $389.62 per month on average. In addition, the average net monthly pay is $493.38 in the Eastern African country.
3. Algeria
This Northern African country has an affordability score of 0.61 percent and a property to income ratio of 18.25 percent. A one-bedroom apartment in the heart of Algiers, Algeria’s capital, costs $211.85 a month on average. Meanwhile, the average monthly wage is $250.09.
4. Nigeria
Even with an affordability index of 0.31 percent, Africa’s most populated country has a property to income ratio of 16.11 percent. In Lagos, Nigeria’s commercial metropolis, a one-bedroom apartment in the city center can cost as much as $1,567 per month. Meanwhile, the city’s average net salary is $232.93.
5. Morocco
Morocco has a housing price-to-income ratio of 12.60 percent and an affordability index of 0.98. A one-bedroom apartment in the heart of Rabat, Morocco’s capital, costs an average of $469.49 a month. Meanwhile, the city’s average net salary is $429.62.
6. Egypt
In Egypt there is a 12.04 percent house price to income ratio and a 0.61 percent affordability index. A one-bedroom apartment in Cairo’s city center costs $225.40 per month on average. Residents of the city, on the other hand, earn an average monthly net pay of $258.89.
7. Tunisia
Tunisia has a 0.61 percent affordability score and a property to income ratio of 11.75 percent. A one-bedroom apartment in Tunis’s center might cost $228.95 per month. The city’s average monthly net pay is $271.59.
8. Mauritius
The property to income ratio in this island nation is 9.71 percent, with a property affordability index score of 0.61 percent. A one-bedroom apartment in the heart of Port Louis, the country’s capital, can be rented for $393.97 per month on average. The average wage is $455 per month.