Kingsley U.N Chikwendu
Housing affordability is a widespread structural problem and its causes are complex and diverse. The causes of housing affordability in Nigeria are found both within the housing industry and beyond it, and with the economical state of the nation, even globally, affordability issues in housing may increase in the coming years.
Affordability problems in housing goes on and on, like it revolves every year or decade, despite some housing reforms and policies that have been created in the past.
The housing market in the country has failed to provide affordable homes for the majority of the populace, consisting mostly the average or low income earners. These categories of persons are the ones at risk of facing numerous problems that come from the lack of affordable housing. The achievements in the housing industry have been modest, so to say.
With the housing market failing to provide adequate supply of affordable homes for these average income earners, these families address housing issues in their own ways, having seen the government do little or nothing in coming up with strict implementation of the housing policies that have been created.
Housing has a significant bearing on the life activities of many families. While it provides shelter, it has an influence on other activities like workforce participation, access to jobs and services, family stability, education of the kids, welfare of the entire home, health, amongst others. As such, a decline in housing affordability leads to a decline in economic activities of a nation. This is to say that the provision of affordable housing puts more growth in the overall development of the human life and its environment.
It leads to an improved workforce efficiency, leads to stability of social living with a sense of harmony amongst inhabitants. Finally, it encourages the creation and distribution of wealth through affordable home ownership.