Affordable Housing: 77 million Nigerians cannot afford houses above N1 million!
A seasoned property developer in Nigeria has enjoined Nigerians to work within the limits of their income when buying or building houses because as many as 77 million Nigerians cannot afford houses above N1 million.
The Chief Executive Officer (CEO) of Millard Fuller Foundation (MFF), Mr Sam Odia, made this disclosure recently when attempting to describe the concept of affordable housing, and while also trying to explain why Nigerians should not be overly burdened with the desire to build expensive houses such as flats and duplexes.
The developer asserted that 77 percent of Nigerians earn around N40,000 per month, thus finding it difficult to buy houses valued at over a million naira.
Odia, whose company recently developed studio apartments (self-contained apartments) in Luvu Madaki, Karu Local Government Area, Nasarawa State, urged Nigerians to stop craving to own three-bedroom flats when they can’t afford them, but that rather, they should opt for studio apartments, which in some places could be bought for as low as N1 million.
Speaking at a forum in Abuja tagged: “Affordable housing: Bridging the 17 million housing deficit – building for low-income earners,” Odia described affordable housing as that which the population’s median income could afford to buy.
He said, “We must come to terms with our present economic conditions and cut our coats according to our clothe. Must we each have a three-bedroom house even though we can’t even afford a studio apartment?”
Odia maintained that “affordable housing is not a duplex affordable to only a select and privileged few earning incomes of over N10 million per annum.”
Source: Tribune Nigeria