C
General
Cost of Living
The amount of money needed to cover basic necessities such as housing, food, transport, utilities, and healthcare in a specific location. In South Africa, the cost of living varies significantly between cities and provinces and directly affects how much disposable income you have available for loan repayments.
Usage Examples
"The cost of living in Johannesburg is roughly 20% higher than in Durban, mainly due to housing and transport costs."
"Rising cost of living means your salary buys less each year — this is why adjusting your budget regularly is important."
"Lenders consider the cost of living when conducting affordability assessments to ensure you can still meet basic needs after loan repayments."