With much economic shift in Kenya, real estate is always on a high and low. Therefore, property prices have greatly affected some decrease in some increase.
However, you may wonder if the prices work for those now why not for the later generation?
People in their 20s have become locked out of homeownership, as ‘generation rent’ struggles to own property.
Why Single People Struggle Most
Single people face the greatest barriers to homeownership. A single person could need more than 14 years to save enough for a deposit unless they can find a partner, trapping many in uncertain private renting or forcing them to live with their parents well into adulthood.
Despite working hard and saving what they can each month, today’s young people face life-changing choices between starting a family or buying a home of their own. Imagine a 28-year-old couple weighing up their options: they can save for a home now and put off starting a family until they’re 35, or they can start a family now but accept they’ll be renting until their child is a teenager.
Meanwhile, single people face an added pressure to either find a partner or to live with their parents well into their 30s if they’re ever to have a hope of saving enough for a deposit.
It seems the only ones with any hope left are the few who can resort to the bank of mum and dad. But with so many parents already feeling the squeeze, this is not a sustainable option.
When we have young people working hard to save up for a home of their own to no avail, it is obvious that the Government has to start meeting people halfway with their proposed housing levy (which was suspended). Unless we see radical action to tackle our chronic shortage of affordable homes, the next generation of young people will find it even harder to find a place to call their own.