Journal of
Economics and International Finance

  • Abbreviation: J. Econ. Int. Finance
  • Language: English
  • ISSN: 2006-9812
  • DOI: 10.5897/JEIF
  • Start Year: 2009
  • Published Articles: 361

Article in Press

An assessment of factors influencing households’ accessibility to housing finance in Lagos State, Nigeria

Olumide Ayeniyo

  •  Received: 06 October 2020
  •  Accepted: 26 November 2020
Housing is a major asset in the property portfolio of every individual and it represents the largest life-long investment and a store of wealth for every man. Acquisition of a housing unit therefore requires a well-functioning financial market. To end, this study examines factors influencing households’ accessibility to housing finance market with a view to recommending appropriate strategies for making it more vibrant and efficient in Nigeria, using Lagos State as a case study. Multistage sampling technique was used to sample household heads, using 535 sets of questionnaire, out of which 475 sets were retrieved and found to be analysable. This represents a response rate of 88.8%. While the socio-economic characteristics of the respondents were processed using frequency counts, percentages and mean, the factors influencing households’ accessibility were captured with the use of chi-square analysis. Results showed that 67.7% of the respondents were male while the remaining 32.3% were female. Also, occupation (χ2= 69.27) and estimated monthly income (χ2= 93.51) were the significant variables that significantly influenced respondents’ level of accessibility to housing finance at 0.01 level of significance. Similarly, age (χ2= 73.16) was a significant socio-economic factor that has association with level of accessibility to housing finance; this was at 0.05 level of significance.

Keywords: Housing, Finance and Accessibility