Low Cost Housing

 

Key workers are finding themselves locked out of "affordable" home ownership schemes designed to help them on to the property ladder, because of minimum income requirement a year. Affordable housing is a dwelling where the total housing costs are affordable to those living in that housing unit, a commonly accepted guideline for housing affordability is a housing cost that does not exceed 30% of a household's gross income. Housing costs considered in this guideline generally include taxes and insurance for owners, and sometimes include utility costs. When the monthly carrying costs of a home exceeds 30% of household income, then the housing is considered unaffordable for that household.

 

Where the demand for available housing exceeds supply, a large amount of the housing stock is not affordable to much of the population. Such areas commonly experience income growth for middle and working class households at rates lower than the rates at which property values rise. These same areas also tend to have a limited supply of land on which new housing can be built, or an array of statutes that make it difficult or costly to generate expanded supply. The most "affordable" places in Nigeria are where there is the least demand and an adequate supply. Comprehensive data for the most affordable and least affordable places in Nigeria can be published if required.